"Brent crude, the international benchmark, surged as high as $119.50 per barrel on Monday as the Middle East conflict intensified fears of a deepening energy supply crisis. Trump sought to play down this remarkable increase, claiming that oil prices had risen probably less than I thought they'd go up, while moving swiftly to reassure investors."
"Brent fell to $91.58 per barrel in the hours after the US president described the war on Iran as very complete, pretty much in an interview with CBS News. Once markets had closed, however, Trump made a series of conflicting remarks which suggested the conflict would continue."
"About a fifth of global oil and seaborne gas tankers typically pass through the strait, which has already in effect been closed for a week, heightening concerns over energy supplies which have propelled prices higher. Tehran declared that it would not allow one litre of oil to be exported from the region if US and Israeli attacks continue."
Oil markets experienced extreme volatility after Trump suggested the US-Israel war on Iran could end soon. Brent crude initially surged to $119.50 per barrel as Middle East tensions escalated supply concerns. Trump's statement that the conflict was "very complete" caused prices to plummet to $91.58 per barrel. However, subsequent conflicting remarks and threats of retaliation if Iran blocks the Strait of Hormuz—through which one-fifth of global oil passes—created uncertainty. Iran threatened to halt all regional oil exports if attacks continue. France proposed deploying ships to protect tankers. The conflicting signals caused significant market volatility, comparable to the Covid crisis and Ukraine invasion aftermath.
Read at www.theguardian.com
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