Oil prices have surged amid escalating tensions in the Middle East, continuing their upward trend as U.S. President Donald Trump addressed supporters on Wednesday evening.
President Trump addressed supporters in Kentucky on Wednesday evening, offering an assessment of the conflict in the Middle East and the recent strikes against Iran:
– We’ve won. Within the first hour – that was it.
He added that the U.S. “has to finish the job.”
– Oil prices will come down, but we can’t abandon early.
The conflict between the U.S. And Iran has already sent shockwaves through global energy markets, with oil prices climbing sharply as the crisis threatens to disrupt shipping through the Strait of Hormuz, a vital waterway for roughly 20 percent of the world’s oil supply.
Price Volatility
Earlier on Wednesday, the International Energy Agency announced plans to release 400 million barrels of oil from strategic reserves in an effort to stabilize prices. The move initially caused a dip in oil prices, but the effect proved short-lived, and prices resumed their upward trajectory.
- Around 10:30 PM, Brent crude oil futures jumped to $93.45 per barrel, up from $92.88 per barrel.
- Since 3:20 PM, the price of oil has increased by $3.45.
