Iran Threatens Strikes If Trump Doesn't End Attacks, Oil Prices Rise
Oil prices rose on Thursday as negotiations to reopen the Strait of Hormuz appeared to make progress, despite Iran's warning that it would strike critical infrastructure if President Donald Trump doesn't end attacks.
The Brent crude benchmark climbed over 2% and stood above $81 a barrel at 9:06 a.m. ET, while West Texas Intermediate posted similar gains and hovered above $76.50.
Reuters reported that Iranian Foreign Minister Abbas Araghchi delivered messages to Saudi, Turkish, and Qatari counterparts, as well as the Pakistani army chief, warning that Iran would retaliate by striking Gulf energy facilities if America targeted its infrastructure.
The Iranian government expressed optimism about the state of negotiations, with Deputy Foreign Minister Kazem Gharibabadi saying the U.S. is ready to 'return to commitments.'