Trump Threats Send Oil Prices Soaring Amid Stalled Talks with Iran
US President Donald Trump's renewed hardline stance on Iran sent oil prices surging by nearly 2% on Wednesday. This comes as US-Iran nuclear talks stalled, with no new date announced yet.
The threat of sanctions against violators pushed Brent crude to $62.13 per barrel, while West Texas Intermediate (WTI) climbed to $59.24 per barrel. Trump's warning that 'all oil or petrochemical purchases from Iran must stop' has added uncertainty to global energy markets already facing OPEC+ supply decisions and weakening economic signals.
OPEC+ members are debating whether to increase output again in June, but the move could further destabilize global energy markets. Meanwhile, data released on Wednesday showed the US economy contracted in Q1, partly due to uncertainty caused by Trump-era tariffs and import surges.