Trump Comments Stall Oil Price Rally Amid US-Iran Tensions

International oil prices paused their recent surge after President Donald Trump's comments on the ongoing military clashes between the U.S. and Iran.

The WTI crude oil price had risen about 9% over three trading sessions, reaching around $91 a barrel on September 2, according to Bloomberg.

However, Trump stated that he didn't think the airstrikes on Iran would last long, which helped limit further gains in crude prices. He also repeated his claim that the U.S. controls the Strait of Hormuz, a key route for global oil shipments.

Dennis Kissler, senior vice president at BOK Financial Securities, said that the latest flare-up in tensions will support oil prices. However, he warned that investors should keep in mind that both the U.S. and Iran are looking for an exit, which could lead to a quick drop in oil prices if peace talks resume.