Oil prices climbed again towards $100 per barrel after US President Donald Trump threatened to bomb Iran if his demands are rejected.
Iran recently viewed ongoing Israeli military operations in Lebanon as a breach of the de-escalation understanding. Senior members of the Islamic Revolutionary Guard Corps (IRGC) have started closing the Strait of Hormuz again if Trump doesn’t budget on bombing Lebanon.
Meanwhile, White House Press Secretary Karoline Leavitt said President Donald Trump was aware of such reports but described them as inaccurate.
Regardless, market anxiety intensified since then.
Yesterday, oil prices had dropped below $100 per barrel following ceasefire news, but traders began pricing in fresh geopolitical risk of the truce might not hold.
By early Thursday trading, Brent crude rose to about $97.10 per barrel, while West Texas Intermediate climbed to around $97.59 per barrel, up nearly 3 percent each from Wednesday’s session.
President Donald Trump earlier stated that US military forces would remain deployed across the Middle East until a lasting agreement is fully implemented.
Any near-term disruption to shipping through the Strait of Hormuz could trigger sharp price spikes and more instability across energy markets.
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Peace prize everyone lol