Oil Up as Trump Threatens Iranian Energy Infrastructure
Oil prices on Monday were largely higher in a topsy-turvy session, as escalating fighting in the Middle East appeared to contradict U.S. assertions that peace talks with Iran were ongoing.
Yemen’s Houthi group entered the fray over the weekend, attacking Israel and threatening to further broaden the war as the conflict enters its second month. President Donald Trump threatened to attack Iranian energy infrastructure and the critical Kharg Island if the country did not reach a deal with the U.S.
At 15:52 ET (19:52 GMT), Brent oil futures expiring in June were up 2.8% to $108.24 a barrel, while the contract expiring in May added 1.1% to $113.83 a barrel. West Texas Intermediate crude futures rose 4.6% to $104.22 a barrel.
Trump Threatens Key Targets Even as U.S. Says Talks Ongoing
Trump on Monday morning said the U.S. was in "serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran."
"Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately ’Open for Business,’ we will conclude our lovely ’stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet ’touched,’" the president added.
Source : Newsmaker.id
