Oil prices hit a four-year high following reports of an extended blockade against Iranian ports, roiling global energy markets.
| PULSE POINTS |
❓ WHAT HAPPENED: Oil prices have surged by over seven percent, reaching a four-year high above $126 per barrel on Thursday, amid reports that President Donald J. Trump has indicated that the U.S. blockade of Iranian ports could extend for months. This follows reports suggesting Trump is considering launching fresh military strikes against Iran. 📰 DETAIL: President Trump has reportedly instructed national security officials to prepare for a prolonged blockade to pressure Iran into abandoning its nuclear program. Tehran is believed to have made a proposal to reopen the Strait of Hormuz, but Trump believes their outreach is in bad faith. Iran’s disruption of the crucial waterway, through which a fifth of the world’s oil and gas and much of global fertilizer supplies flow, is having a profound impact on energy prices and markets, and has already triggered a jet fuel crisis. 💬 KEY QUOTE: “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!” – Donald Trump on Truth Social. 🎯 IMPACT: In Asian trading, Brent crude for June delivery jumped 7.1 percent to $126.41 a barrel overnight, before dropping back to $114.70. West Texas Intermediate rose 3.4 percent to $110.31 before dropping back to $105.12. Stock markets declined, with Tokyo, Hong Kong, Seoul, and Mumbai each falling more than one percent; Sydney, Taipei, Bangkok, Manila, and Jakarta also closed lower. However, the U.S. dollar, viewed as a safe-haven currency amid the crisis, strengthened against other major currencies. |
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