Trump's Iran Threat Sends Crude Oil Prices Soaring

Global crude oil prices surged on Thursday after US President Donald Trump announced that the United States would continue its attacks on Iran in the coming weeks. This move sparked concerns among traders about prolonged disruptions to supply, causing a significant increase in prices.

The West Texas Intermediate (WTI) crude futures rose 11.4% to close at $111.54 per barrel, while Brent crude futures rallied about 7.8% to settle at $109.03 per barrel.

Over the week, WTI climbed almost 12%, while Brent fell over 3%. The sharp increase in prices reflects growing uncertainty and volatility in the global energy market.