As allied nations continue to reject President Donald Trump’s request for military deployment to the Strait of Hormuz, international oil prices have rebounded by more than 2%.
As of 11:50 p.m. (South Korean time) on Tuesday, West Texas Intermediate (WTI) crude oil futures in Asian trading have risen by 2.31%, reaching 95.65 USD per barrel.
Brent crude futures have also climbed by 2.50%, trading at 102.77 USD per barrel.
Earlier, WTI had plummeted by approximately 5% in U.S. trading, dropping to the 93 USD range.
The reversal in oil prices appears to be triggered by a Wall Street Journal(WSJ) report indicating that U.S. allies have consistently rebuffed Trump’s calls for military assistance.
The WSJ’s analysis suggests that allies’ reluctance to intervene stems from growing resentment towards Trump, who has frequently mocked them and leveraged economic and military influence to achieve his objectives.