"Global oil prices" surged more than 5% after Trump threatened a heavy offensive against Iran in the next 2-3 weeks.
"Global oil prices" surged more than 5% after Trump threatened a heavy offensive against Iran in the next 2-3 weeks, despite saying the war was nearing its end. Meanwhile, Iran denied reports of a ceasefire and continues to keep the Strait of Hormuz closed.
April 2, 2569 at 08.49:XNUMX, CNBC reported that Oil prices have been volatile. Following President Donald Trump's warning that the U.S. would escalate military attacks against Iran in the next two to three weeks, hopes of a swift resolution to the conflict have diminished.
West Texas Intermediate (WTI) crude oil contract for May delivery. increased 4.1% to 104.21 dollars per barrel, while Brent crude oil for June delivery. It increased by 5% to $106.42 per barrel.
Trump said in a public address on Wednesday that the United States would launch a heavy offensive against Iran in the next two to three weeks. "We will attack them very hard over the next two to three weeks. We will send them back to the Stone Age." he said
however Trump said the war wouldn't drag on and that negotiations with Tehran were ongoing, meaning there was still a chance for a diplomatic solution.
"We will close the mission, and we will finish it quickly." he said
Earlier on the same day Trump posts on Truth Social that Iran has requested a ceasefire, sparking market expectations that oil shipments through the Strait of Hormuz may resume. Shipping in the strait, which has handled approximately 20% of the world's oil and gas, has been virtually halted since the US-Israeli conflict with Iran began on February 28.
Trump said that A ceasefire can only be considered if the Strait of Hormuz is “open and safe”; otherwise, the United States will continue its attacks on Iran.
But Iran rejected Trump's claims, stating that the Strait of Hormuz remains under the control of the IRGC navy and will not open under US pressure.
Both sides continue to provide conflicting information regarding the peace negotiations. Trump had previously stated that negotiations were close to reaching an agreement, but at the same time, the United States was preparing to escalate the conflict by sending thousands more troops into the region.
Earlier, Brent crude oil prices had fallen below $100 per barrel for the first time in a week. After Trump said the U.S. might end its military operation against Iran within two to three weeks and signaled a declaration of victory even without a peace agreement with Iran, saying, "We'll be out of there soon."
refer : www.bloomberg.com
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