Crude oil prices surged as US-Iran tensions continued to escalate. Brent Crude and WTI Crude prices jumped over 2 percent after the US conducted its latest
round of attacks on Iran, while Iran reportedly struck back at US allies. Brent Crude prices traded near 97 dollars per barrel (at the time of filing this copy). US President Donald Trump has threatened to hit Iran hard and claimed US was helping around 30 ships pass via the Strait of Hormuz every night. Trump’s comments came after the US bombed Iran’s Larak Island and Iran launched retaliatory strikes targeting US military bases and assets in Jordan and the United Arab Emirates. US President Donald Trump also stated he was "not trying to force Iran to the bargaining table" as US forces completed a fresh round of strikes. In a Truth Social post, Trump reiterated that the US has "almost total control" over the Strait of Hormuz, while adding that Iran's economy was collapsing. Trump stated that Iran was just "playing out the inevitable" and asked "When are the Iranian people going to rise up and fight?" In a post on X, the US Central Command said that it struck air defence and communications sites, and radar systems in Iran, in retaliation against the "recent attempted attacks" by the country against commercial shipping in the Strait of Hormuz and against US' service members. Iran has responded to US strikes, targeting US ally Jordan. The country’s armed forces said that it was targeted by a missile attack that originated from Iranian territory. The UAE also said it intercepted an Iranian drone over its territorial waters. Peter McGuire, Oil Expert & CEO-Australia, Trading.com told Times Now Digital, "tensions mount and it sure sounds like war talk from the US as Treasury Secretary Scott Bessent says Hormuz will be worthless as oil bypasses it. Brent crude nudged $97 per barrel in Asia trade this morning and triple digits look a reality this week. The Iranians are not backing down and there’s every chance we may still be talking about the hostilities in November."
