Brent Crude Price Edges Higher Amid Ongoing West Asian Uncertainty
The Brent crude oil price has ticked higher on Monday morning due to ongoing uncertainty in West Asia. At 10:11 am, October Brent oil futures were trading at $88.65, up by 0.15%. The August WTI (West Texas Intermediate) crude oil futures were down by 0.10% at $81.39.
Iran's Foreign Minister Abbas Araqchi stated that the US must meet conditions on the Strait of Hormuz for shipping to resume in the waterway. In a post on X, Iran's Deputy Foreign Minister Kazem Gharibabadi emphasized that 'this strait will be opened and closed only under Iran's command.'
US President Donald Trump commented on the situation during a rally in New York, stating that paying a 'tiny little bit more' for gasoline is worth ensuring a 'very evil country' cannot possess a nuclear weapon. He also claimed that after defeating Iran, he will declare the Hormuz Strait a territory of the United States.