Oil prices jumped nearly 5% on Wednesday, hitting a two-week high after U.S. President Donald Trump warned Iran that the United States will likely engage in additional strikes on Wednesday night after
Oil prices jumped nearly 5% on Wednesday, hitting a two-week high after U.S. President Donald Trump warned Iran that the United States will likely engage in additional strikes on Wednesday night after attacks the previous day, adding that they might take over Kharg Island as well.
Brent crude futures were up $3.81, or 5.14%, to $77.97 a barrel at 1339 GMT, while U.S. West Texas Intermediate crude climbed $3.36, or 4.77%, to $73.80 a barrel. The benchmarks hit their highest levels since June 22 earlier in the session.
Both rose about 3% on Tuesday after the U.S. revoked the general license authorising the sale of Iranian crude.
Trump said earlier on Wednesday that the memorandum of understanding signed with Iran to end the conflict was "over," adding he didn't want to engage with Tehran.
"Fundamentally, oil should trade higher - the market had been eager to find some sort of solution, to be optimistic," SEB Research Ole Hvalbye said, adding that Trump's renewed rhetoric on attacking Iran was also boosting prices.
"We're still not getting everything out of (the Strait of) Hormuz as we should, and inventories in the OECD countries are at 23-year lows."
The agreement, brokered by Pakistan
Content Original Link:
" target="_blank">
