Trump's Threat Sends Oil Prices Soaring

Global oil prices surged on Wednesday after US President Donald Trump vowed to deliver a 'powerful strike' against Iran in response to a surprise attack targeting US forces in the Middle East.

By the close of trading, global benchmark Brent crude futures had climbed 7.9% to settle at $90.74 per barrel, while US West Texas Intermediate (WTI) crude futures rose 6.6% to $84.46 per barrel.

In a statement to Fox News, Trump warned Iran that it would receive a 'crushing blow' and said, 'We will hit them hard.'

The sharp increase in oil prices comes as tensions between the US and Iran continue to escalate, with both sides engaging in a series of military actions and threats.