Global crude oil prices rise as Trump issues latest threat to Iran

New York [US], June 10, (ANI): Global crude oil prices rose on Wednesday as US President Donald Trump issued his latest threat to Iran for being too slow to negotiate a peace deal.

Taking to his social media platform, Truth Social, Trump said that Iran will have to pay the price for being slow to arrive at a peace deal.

“Iran’s Military is a complete and total mess. Much of it, like their Navy and Air Force, doesn’t even exist anymore – They have been completely defeated. Iran is all talk and no action,” Trump said on Truth Social.

“The Bully of the Middle East is DEAD!!! They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”

Oil prices rose immediately after Trump’s latest threat, with US West Texas Intermediate crude oil at USD 90.11, up 2.17 per cent, while the international benchmark Brent crude was trading at USD 93.19, rising 1.9 per cent, according to Reuters.

The recent phase of escalation between the US and the Iranian regime came after the US carried out airstrikes on Iran’s military targets located along the Strait of Hormuz, retaliating against the downing of an American Apache helicopter. Iran said it responded with strikes on a US base in Jordan and other Gulf targets.

The recent escalation belies hopes of a durable truce between the two adversaries, as Trump consistently maintains that the two sides are nearing a deal.

US stock futures also fell as investors await key consumer inflation numbers. Economists expect inflation to rise further as energy prices remain elevated owing to the prolonged closure of the Strait of Hormuz.

The US Federal Reserve, which is meeting to decide interest rates on June 16-17, will parse the latest inflation print along with strong jobs data for May, even as experts have pared bets for a cut this year.

US stocks ended down on Tuesday as the AI-driven tech euphoria faded. Asian tech shares were down on Wednesday as investors weighed stretched valuations along with concerns of a prolonged West Asia conflict. (ANI)

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