Trump’s threat raises fears for global oil supplies
Oil prices surged on Monday as tensions around the Strait of Hormuz intensified, with U.S. President Donald J. Trump warning that the United States would respond “twenty times harder” if Iran attempts to block oil shipments through the key maritime route, Qazinform News Agency correspondent reports.
U.S. President Donald J. Trump warned Iran against any attempt to disrupt oil flows through the strait. Writing on Truth Social, he said:
Earlier, on Monday, benchmark crude prices climbed above $100 for the first time since 2022 amid concerns that conflict involving the United States, Israel, and Iran could interfere with shipments through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Later, finance ministers from the Group of Seven, which includes Canada, France, Germany, Italy, Japan, the UK and the USA, held an emergency teleconference on Monday to discuss the surge in oil prices. According to OilPrice.com, the ministers broadly agreed to delay any immediate release of crude from their strategic reserves while further analysis is conducted.
As of March 10, futures for Brent crude fell to $92.45 per barrel as of 10:31 a.m. Astana time. U.S. West Texas Intermediate (WTI) crude declined to $88.3 per barrel.
Earlier, Qazinform News Agency reported that Iraq announced sharp decline in oil production due to regional escalation.