Oil jumps as Trump warns US could hit Iran ‘extremely hard’
Crude oil futures climbed during and after US President Donald Trump’s address, as he warned Washington could hit Iran “extremely hard” in the coming weeks and repeated his threats against the country's power plants and oil businesses.
Markets had been watching for signs that the conflict might soon de-escalate, but Trump instead urged countries dependent on Middle Eastern oil to “take” the Strait of Hormuz themselves and suggested they buy US oil for the time being.
The US benchmark, West Texas Intermediate, rose from about $98 per barrel ahead of the speech to nearly $104 by 10 p.m. ET after it concluded. The international benchmark Brent crude climbed from just under $100 to nearly $106 over the same period.
