Commodities
Trump's Economic Threat Sends Oil Prices Soaring
Oil prices surged by 3% on Thursday after President Donald Trump's threat to impose 'tremendous economic consequences' against any country working with Iran.
In a social media post, Trump claimed that Iran turned down his offer for an agreement and vowed to unleash the 'MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!', describing it as 'Economic Warfare and Isolation on an unprecedented scale.'
The increase in oil prices followed a 2.9% jump in Brent crude futures to $94.31 per barrel, while West Texas Intermediate futures rose by 3.3% to $88.67 per barrel.
The Strait of Hormuz, a key shipping route for Middle East oil, remains under pressure due to the ongoing naval blockade and Iran's attacks on the strait.