In a startling announcement, President Donald Trump declared he would make a decision on military action against Iran within ten days, sending shockwaves through the global oil market and causing prices to surge over 2%.
As of 3:30 p.m. on Friday, West Texas Intermediate (WTI) crude futures spiked 2.24% to 66.65 USD per barrel on the New York Mercantile Exchange.
This latest jump pushes WTI’s weekly gains beyond 5% and its year-to-date increase to nearly 16%, marking the highest levels since last summer.
Brent crude futures also rallied, climbing 2.12% to 71.84 USD per barrel, knocking on the door of 72 USD – another high not seen since last summer.
This follows yesterday’s sharp 4% increase in global oil prices.
The President’s statement about deciding on military strikes against Iran within ten days has pushed the situation to a critical tipping point.
The U.S. military has already positioned the United States Ship (USS) Abraham Lincoln carrier strike group in the Middle East, with the USS Gerald Ford, the Navy’s newest supercarrier, also en route to the region.
As tensions in the Middle East reach a boiling point, oil markets continue their bullish run, building on yesterday’s gains.