US crude jumps more than 11%, Brent nearly 8% after Trump vows more attacks on Iran
US oil prices jumped over 11% and Brent crude rose nearly 8% after President Donald Trump vowed to continue attacks on Iran, sparking concerns about oil supply disruptions. The price surge came as traders worried about the impact of the conflict on global oil markets, with Iran having shut down the Strait of Hormuz, a key waterway for oil shipments.
US oil prices settled over 11% higher and Brent crude rose nearly 8% on Thursday. The price increase came after President Trump said the US would continue attacks on Iran. Brent crude futures closed at $109.03 a barrel, while US West Texas Intermediate crude futures rose to $111.54 per barrel. The conflict has disrupted oil supply, with Iran shutting down the Strait of Hormuz. The US and other countries are working to reopen the strait, with Britain hosting a virtual meeting to discuss options. Oil prices are expected to remain high until the conflict is resolved.
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