Iran Threats Send Oil Prices Soaring Amid Escalating US-Iran Conflict
Crude oil futures rose sharply on Tuesday morning after Iran threatened retaliatory strikes on energy assets in West Asia. The surge came in response to recent US attacks on Iranian assets, with Tehran warning of potential consequences for American oil and gas companies operating in the region.
At 10 am on Tuesday, Brent oil futures stood at $97.64, up by 0.66 per cent, while WTI crude oil futures on October contracts rose to $93.01, a gain of 1.67 per cent. On India's Multi Commodity Exchange (MCX), September crude oil futures traded at ₹8785, a 0.29 per cent increase from the previous close, and October futures were at ₹8510, up by 0.29 per cent.
Mohammad Baqer Qalibaf, Speaker of Iran's Parliament, took to social media platform X to respond to US Defence Secretary Pete Hegseth's post on the same platform. 'It's simple,' Qalibaf said: 'the oil and gas production chain here is sprawling, accessible, and exposed. American oil and gas companies across these waters and facilities share that exposure.'
US President Donald Trump also weighed in on the situation, predicting a drop in oil prices once the conflict with Iran subsides. In a post on Truth Social, he claimed that 'oil prices will drop precipitously... when we WIN the war with Iran,' estimating that prices would eventually fall below $2 per gallon.