32 mins ago

Trump Floats Staying in Iran as Gulf Attacks Lift Prices

Donald Trump said the United States might leave Iran after the conflict.

He also suggested that the country could stay and keep oil, comparing the idea with Venezuela.

Meanwhile, fighting and attacks around the Gulf made people worry that less oil would reach the world.

Oil prices rose sharply on Monday.

Brent oil reached $107.51 per barrel, and West Texas Intermediate reached $102.32.

Houthi attacks were reported in Saudi Arabia, and a ship was hit near the Strait of Hormuz.

A Saudi oil pipeline was also closed after a drone strike.

These events increased concerns about oil supplies.

Key facts

Brent crude: Rose $2.90, or 2.77%, to $107.51 per barrel.
West Texas Intermediate: Rose $2.27, or 2.27%, to $102.32 per barrel.
Recent oil increase: Oil had risen 8% over the week and moved above $100 for the first time since July.
Saudi pipeline: The East-West oil pipeline was shut after a drone strike originating in Iraq.
Supply risk: The pipeline disruption threatened a route capable of carrying up to 4% of global oil supply.
Maritime incidents: A vessel in the Strait of Hormuz was hit by a projectile, while an Iranian commercial vessel was also struck off Iran’s coast.

businesstoday.in · 3 hrs ago