Trump's Strike Threat Sends Oil Prices Soaring Past $100
Oil prices surged on Thursday as Brent crude topped $100 per barrel. The catalyst behind this jump was none other than US President Donald Trump, who revealed that he is close to ordering a massive strike on Iran.
Trump told Axios that everything is ready for the attack, which would be bigger than Operation Epic Fury, a previous US campaign against Iran. He emphasized that his decision is not final yet but added that he is 'close to making it.'
The escalating tensions between the US and Iran have been ongoing for 12 days, with the US wanting to stop Iran from hitting ships in the Strait of Hormuz, which carries about 20 million barrels of oil per day. This represents nearly a fifth of the world's supply, according to the US Energy Information Administration.
As a result, investors are on edge, and markets are left guessing Trump's next move. The decision will not only impact oil prices but also affect Bitcoin, which has been stuck near $65,000 for weeks.