Oil Prices Surge More Than 6% After Trump’s Warning to Iran
LONDON: Global crude oil prices jumped by more than six percent after U.S. President Donald Trump warned of a strong response against Iran, raising fears of escalating tensions in the Middle East.
According to international media reports, the price of global benchmark Brent crude rose 6.6 percent to $89.61 per barrel, while West Texas Intermediate (WTI) crude gained 6.4 percent to reach $84.31 per barrel.
In a recent interview, President Trump signaled a tough stance toward Iran, saying, “We will hit them hard, and they will receive a strong response.”
His remarks came amid reports that Iran’s Islamic Revolutionary Guard Corps (IRGC) attempted to target U.S. forces in the Middle East with ballistic missiles.
Reports indicated that a U.S. military base in Jordan was among the intended targets. However, the U.S. Central Command (CENTCOM) said all incoming missiles were successfully intercepted and destroyed, with no casualties or damage reported.
CENTCOM added that its recent operations were carried out in response to more than 30 drone attacks allegedly launched by Iran-backed groups over the past three days.
Meanwhile, the United Kingdom Maritime Trade Operations (UKMTO) reported suspicious activity near an oil tanker in the southern Red Sea. According to the agency, the vessel’s captain reported hearing an explosion during the voyage, prompting an investigation into the incident.
Energy analysts said escalating tensions in the Middle East, security concerns surrounding the Strait of Hormuz and the Red Sea, and uncertainty over global monetary policy have further fueled the rally in oil prices. Investors continue to closely monitor developments in the region.
