Oil Prices Surge Over 10% After Trump's Statement on Iran

Oil prices surged by over 10% today afternoon, following a commitment by the US president to continue the war until the “total and unconditional surrender” of Iran, with investors worried about oil supply in the Middle East, due to attacks on energy infrastructure and paralysis in the Strait of Hormuz. “There will be no deal with Iran, only UNCONDITIONAL SURRENDER,” the US president wrote on his Truth Social network. Following this post, the price of North Sea Brent crude oil climbed to $91.89 a barrel, the highest since April 2024. The price of American crude (WTI) briefly touched $89.62 a barrel, up 10.63%, before falling slightly. The Trump statement, published on his Truth Social network, intensified geopolitical tensions in the region and caused increased uncertainty in energy markets. Investors are concerned about potential disruptions to the global oil supply, leading to higher prices.