Trump Threatens New Strikes on Iran, Oil Prices Soar Above $90

Oil prices surged on Wednesday after President Donald Trump warned of new strikes against Iran, sparking concerns over Middle East oil supplies and regional shipping.

Brent crude jumped above $90 per barrel (bbl), a gain of around 8%, following the threat from Trump. This comes as the global market remains highly volatile due to ongoing military conflict between the US and Iran.

The US Energy Information Administration reported that crude oil inventories fell by 7.2 million bbl last week, the largest decline since mid-June. This underscores tightening supply as global buyers increasingly turn to US exports to offset disruptions from the Middle East.

Analysts at RBC Capital Markets remain skeptical of a near-term diplomatic breakthrough, warning that continued threats to shipping will keep a significant portion of the tanker market on the sidelines.