NEW YORK (Kashmir English): Crude oil prices have surged in the global market after US President Donald Trump warned of further military action against Iran and targeting oil facilities.
Crude oil prices rose by about 5% in the global market on Wednesday, as a result of which both major benchmarks reached their highest level in 2 weeks since June 22.
During the trading session, the price of Brent crude oil in the international market rose by $3.81, or 5.14%, to $77.97 per barrel.
On the other hand, US West Texas Intermediate (WTI) crude oil also traded at $73.80 per barrel with an increase of $3.36, or ‘4.77%’.
It should be noted that prices had also seen a 3% increase on Tuesday, when the US revoked the general license allowing the sale of Iranian crude oil.
US President Donald Trump, speaking to the media in Washington on Wednesday, said in blunt terms that the “Memorandum of Understanding” that was agreed to end the conflict with Iran is now over.
He made it clear that he did not want further negotiations with Tehran, while warning that the US could launch further attacks against Iran and that Iran’s most important oil export hub, the Kharg Island in the Persian Gulf, could also be targeted.
