Trump's No-Deal Stance Sends Oil Prices Soaring

Global oil prices surged on Thursday after U.S. President Donald Trump said he isn't looking to make a deal with Iran, escalating tensions between the two countries.

Trump made the comments at a Republican midterm convention in Dallas on Wednesday, stating that oil prices would only return to normal 'right after' the mid-term elections in November.

'Right after the election, oil prices are going to be tumbling downward,' Trump said. 'They're going to be tumbling down, and we'll get them down.'

Brent crude rose nearly 6% to over $107 per barrel, while West Texas Intermediate, the U.S. benchmark, also increased by about 6% to close to $102 per barrel.