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Commodities

Oil Prices Soar on Trump's Warning to Iran

Guavy AI Editorial Team
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Oil
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US oil prices surged 6% on Wednesday after President Donald Trump warned Iran would 'get a beating' for launching ballistic missiles at US forces. September West Texas Intermediate (WTI) crude oil futures rose $5.26, or 6.64%, to $84.52 per barrel on the New York Mercantile Exchange.

The increase was part of a broader market movement, with Brent crude futures also up 6% at $87.08 a barrel on London's ICE Futures exchange. Trump's comments to Fox News sparked the sudden shift in oil prices, which had previously sold off when he confirmed a pause in hostilities between Washington and Tehran.

Market watchers remain skeptical that the situation will be resolved, even if both sides reach a deal to pause strikes. ING commodity strategists noted that recent events have demonstrated how quickly a deal can unravel, leaving the market to continue pricing in a large risk premium.

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