Crude oil prices rose more than 2% on Thursday as President Donald Trump weighed military strikes against OPEC member Iran.
US raw materials rose $1.56 or 2.5% to $64.77 per barrel. Global benchmark Brent It rose $1.59 or 2.3% to $69.99 a barrel.
Multiple sources reported to Reuters Trump has said he is weighing strikes against Iran’s security forces and leaders to inspire anti-government protesters. Two American sources told Reuters that the president wants to create conditions for regime change.
The Islamic Republic launched a security crackdown on protests earlier this month, killing thousands.
The oil market is watching whether unrest in Iran and possible US military intervention could lead to disruptions in crude oil supplies in the region.
Trump posted Abraham Lincoln Carrier Strike Group The Middle East warned on Wednesday that time is running out to reach an agreement on Iran’s nuclear program.
The president has threatened Tehran with even bigger strikes than the US attack on Iran’s nuclear facilities last June.
“The next attack will be worse! Don’t let this happen again,” Trump said on the Truth Social page.