President Donald Trump’s statement that a fleet more powerful than the one sent to Venezuela is heading towards Iran has caused international oil prices to surge by over 1%.
As of 2:40 p.m. on Wednesday, West Texas Intermediate (WTI) crude oil futures were trading at 63.24 USD per barrel on the New York Mercantile Exchange, representing a 1.35% increase.
Brent Crude futures also climbed by 1.30%, reaching 68.47 USD per barrel.
Trump took to his social media platform, Truth Social, declaring that a powerful fleet is heading toward Iran. This fleet is stronger than the one dispatched to Venezuela.
His remarks have escalated tensions with Iran, sparking concerns about potential disruptions in oil supply from this major oil-producing nation. As a result, international oil prices have uniformly risen by more than 1%.