economy
U.S. oil prices soar 11% as Trump's Iran war speech stokes fears of further escalation
Oil surged as Trump in his address to the nation on Iran war said that he expected the conflict to last another two to three weeks.
TL;DR
- Oil prices surged significantly on Thursday due to fears of a prolonged Middle East war affecting the Strait of Hormuz.
- U.S. West Texas Intermediate crude futures rose over 11% to $111.54 per barrel, and Brent crude gained nearly 8% to $109.03.
- President Trump's speech warning of further military action against Iran for two to three weeks heightened concerns.
- Reports that Iran and Oman are drafting a protocol to monitor transit through the Strait of Hormuz led to a partial easing of prices.
- Conflicting statements from U.S. and Iranian officials regarding peace talks and the control of the Strait of Hormuz have created market uncertainty.