Oil prices hit six-month high after Trump warns Iran of disaster if no deal is reached
On Friday, oil prices hovered near a six-month high after U.S. President Donald Trump warned Iran that "very bad things" would happen if no agreement is reached regarding its nuclear program.
At 12:52 p.m. London time (7:25 a.m. U.S. Eastern Time), international benchmark Brent crude oil futures for April delivery fell by 0.5% to $71.33 per barrel, giving back earlier gains; U.S. West Texas Intermediate (WTI) crude oil futures for March delivery also dropped 0.5% to $66.07 per barrel.
With energy market participants continuing to focus on supply risks in the oil-rich Middle East, both major crude contracts settled at their highest levels in six months in the previous trading session.
This week, the United States and Iran held talks in Switzerland in an attempt to resolve the standoff over Tehran's nuclear program. However, initial reports of progress were later replaced by accusations from Washington that Iran had failed to meet the core demands of the U.S.
On Thursday, President Trump stated at the first meeting of the so-called "Peace Committee" held in Washington that if Tehran does not agree to a deal on its nuclear program, "bad things will happen."
Trump added that the world may know within the next ten days whether the U.S. will reach an agreement with Iran or take military action. He later told reporters aboard Air Force One that he hoped to reach a deal "within 10 to 15 days."
These comments came after a massive U.S. military buildup in the Middle East, and reports that the White House is considering new military action against Tehran as early as this weekend.
Trump stated that last June’s U.S. strike on Iranian facilities had "completely eliminated" its nuclear capability, further adding, "We may have to go further, or we may not," but offered no additional details.
Reportedly, in a letter to United Nations Secretary-General António Guterres on Thursday, Iran stated that Tehran would respond "decisively" if subjected to military aggression.
The Islamic Republic recently conducted military exercises in the strategically significant Strait of Hormuz and held joint naval drills with Russia in the Gulf of Oman (also known as the Sea of Oman).
Editor: Zhang Jun SF065
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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