4 hours ago
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Oil prices have increased following US President Donald Trump’s address to the American public regarding the developments in the Iran war on Wednesday.
The Guardian UK reported that Immediately after Trump’s speech on the Iran conflict, oil prices experienced a significant surge.
The President’s 20-minute address did little to alleviate market concerns regarding the closure of the Strait of Hormuz.
Trump maintained that the US has very little need of the Strait, urging other countries who really need it to fight for its reopening.
Trump made it clear that America does not need anything from the Middle East, not even their oil.
However, after his speech, brent crude rose by over 4% to reach $105.55, while West Texas Intermediate saw a 3% increase, hitting $103.16.
Both benchmarks had been on a downward trend prior to the commencement of Trump’s speech.
In the early trading session on Asian markets, Japan’s Nikkei index fell by 0.79%, and South Korea’s Kospi index responded with a decline of 1.8%.
The Hang Seng index in Hong Kong was trading 0.5% lower, and China’s CSI 300 dropped by 0.3% shortly after the market opened. Australia’s S&P/ASX 200 also recorded a decrease of 0.5%.
In other markets, US stock futures decreased by 0.67%, while European futures were down by 0.1%.
Iran war: Oil prices surge higher after Trump addressed Americans
