There was a sudden rise in crude oil prices across the world on Thursday. US President Donald Trump has indicated that the US military campaign against Iran will continue, which has increased the concern of stopping the oil supply in the future. Immediately after this statement, oil prices in the global market jumped by more than 7 percent. This increase is being seen as the biggest increase within a day in the last three weeks.
How much have the prices of crude oil increased?
According to market data, huge changes have been seen in oil prices. After the President’s statement, significant gains have been registered in Brent crude and American benchmarks. Its main figures can be seen in the table given below:
Oil Type New Price (per barrel) Total Gain ($) Gain Percentage Brent crude $108.81 $7.65 7.6% WTI (US) $107.18 $7.06 7.1%
Trump acknowledged that oil prices had spiked, but assured that prices would come back down after the conflict ends. He blamed Iran’s attacks for rising oil prices.
What is Operation Epic Fury and Trump’s official statement?
The White House aims to destroy Iran’s military capability under “Operation Epic Fury.” President Trump has said that attacks on Iran will be intensified in the next two to three weeks. According to Trump, America’s goal is to completely destroy Iran’s missile stockpile and navy so that it cannot become a threat in the future. The President also made it clear that America will achieve its military objectives very soon.
Meanwhile, a strong reaction has also come from Iran. Iranian military officials have warned that they will carry out more devastating attacks. Iran has also threatened to stop the movement of oil tankers through the Strait of Hormuz, which could deepen the energy crisis around the world. Countries like France have also expressed concern over this situation and said that any such action in the Strait of Hormuz would be a violation of international laws.