Oil prices jump 5% after Trump’s statements about the continuation of the war in Iran
Oil prices jumped by more than 5% during trading on Thursday, after statements by US President Donald Trump in which he confirmed the continuation of US attacks on Iran without specifying a timetable for ending War, which reinforced investors’ concerns about ongoing supply disruptions.
Crude contracts rose West Texas Intermediate US crude rose by about $5.28, or 5.3%, to $105.40 per barrel.
Oil prices
These gains came after a previous decline of more than one dollar in both crude oils before Trump’s televised speech, following a lower close in the previous session.
Trump said: "We’ll get the job done, and we’ll get it done very quickly"Pointing out that the American forces are close to achieving their goals in the conflict within a period ranging from two to three weeks, without providing additional details.
For her part, Priyanka Sachdeva, chief market analyst at "Philip Nova"The markets reacted to the absence of any clear signs of a ceasefire or diplomatic path in the speech, which kept the state of anxiety prevailing, according to Reuters.
She added that the escalation of tensions or the increase in risks to maritime navigation may push oil prices to test new record levels, with markets pricing in the possibility of supply disruption. "Qatar Energy" An Iranian cruise missile attack occurred in Qatari waters, according to the Ministry of Defence.
The head of the International Energy Agency warned that supply disruptions could begin to affect Europe’s economy from April, after it had previously been protected by shipments contracted before the outbreak of war.
The chief economist at "Rystad Energy"Claudio Galimberti, The absence of a clear ceasefire plan or an effective path of calm leaves the markets in a constant state of anticipation for the US administration’s statements.
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