Oil jumps $2 as supply concerns weigh
HOUSTON: Oil prices rose by more than $2 on Monday on global supply worries stoked by investor pessimism about diplomatic efforts to resolve the Iran war, with US President Donald Trump demanding Iran’s surrender and threatening to bomb Oman. Brent crude futures were up $2.50, or 2.82 per cent, at $91.02 a barrel by 1:57pm EDT. US West Texas Intermediate crude futures rose $2.27, or 2.75pc, to…
Oil prices surged more than $2 on Monday due to global supply concerns and investor anxiety over the Iran conflict, with US President Donald Trump urging Iran's capitulation and threatening military action against Oman. Brent crude futures climbed $2.50, or 2.82%, to $91.02 a barrel, while US West Texas Intermediate crude futures increased $2.27, or 2.75%, to $84.67 a barrel.
Trump referred to Iran as "a nation that should put up the white flag of surrender" during a conversation with a Fox News reporter. A senior Iranian official warned Tehran would intensify tensions in the Strait of Hormuz and beyond, launching an attack against the US if the interim peace deal is not fully implemented within weeks, as agreed upon in a June memorandum of understanding.
However, oil prices are unlikely to climb further unless there is a stoppage in the daily flow of crude from the Strait of Hormuz at night or a closure of the Bab el-Mandeb Strait, according to Bjarne Schieldrop of SEB Research.
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