The price of a barrel of Brent crude surpassed $90 today for the first time since April 2024, after the US president promised that the Middle East conflict will continue until Iran’s “unconditional surrender.”
“There will be no deal with Iran, only an UNCONDITIONAL SURRENDER! After that, and the choosing of one or more GREAT AND ACCEPTABLE Leaders, with many wonderful and very courageous partners and allies, we will work tirelessly to rebuild Iran, making it economically bigger, better and stronger than ever before,” Donald Trump wrote on his social network Truth Social.
Read more about this topic: Iran War: conflict will last until Iran’s “unconditional surrender” says Donald Trump
Shortly after the statement, the Brent barrel — the international oil benchmark — surpassed $90 for the first time since April 2024.
At 14:30 in Lisbon, the barrel for May delivery was trading at $90.66, up 6.15% on the day, while the American West Texas Intermediate was up 9.09% at $88.37.
The surge in energy prices reflects the worsening situation in the Middle East following the US and Israeli attack on Iran and the closure of the Strait of Hormuz, through which around 20% of global oil production and nearly 20% of liquefied natural gas (LNG) passes.
Iran closed the Strait of Hormuz and launched retaliatory strikes against targets in Israel, US bases and other infrastructure in countries across the region, including Saudi Arabia, Bahrain, the United Arab Emirates, Qatar, Kuwait, Lebanon, Jordan, Oman and Iraq. Incidents involving Iranian projectiles were also recorded in Cyprus and Turkey.
Since the start of the conflict, more than one thousand deaths have been recorded, the majority Iranian.
