Oil back above $110 after expletive-laden Trump threat to Iran
Oil back above $110 after expletive-laden Trump threat to Iran
Global oil prices climbed above $110 a barrel following a strong statement by US President Donald Trump, who warned of an attack on Iran’s critical infrastructure unless the Strait of Hormuz remains open by Tuesday. In Asia on Monday, Brent crude advanced 1.6% to $110.85, while US crude rose 0.8% to $112.40.
Trump’s Threat Sparks Price Surge
Trump’s aggressive post on Sunday, published on his social media platform, outlined plans to strike power plants and bridges in Iran, threatening to “blow everything up and take over the oil” if Tehran failed to allow ships to transit the strait. The message, filled with profanity, emphasized the urgency of the situation, stating, “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH! Praise be to Allah. President DONALD J. TRUMP.”
OPEC+ Output Adjustment
OPEC+ members, including Saudi Arabia and Russia, agreed to a modest output increase in May, raising crude production by 206,000 barrels a day. However, this adjustment is unlikely to fully offset the supply disruptions caused by the ongoing conflict. Middle Eastern oil and gas exports have faced severe interruptions as Tehran threatens to target vessels using the Strait of Hormuz in retaliation for recent US and Israeli airstrikes starting on February 28.
The conflict has disrupted a fifth of global energy shipments through the narrow strait, contributing to rising energy costs worldwide and concerns over inflation. Last week, oil prices surged past $100 a barrel after Trump escalated threats, warning that future US airstrikes could push Iran “back to the Stone Ages.”
Iranian Revolutionary Guard Corps (IRGC) officials announced on Monday that their attacks on US economic interests would intensify if civilian infrastructure in the country continued to be targeted. Meanwhile, Tehran claimed responsibility for strikes on petrochemical facilities in Kuwait, Bahrain, and the United Arab Emirates over the weekend.
“Tuesday, 8:00 P.M. Eastern Time!”
Trump later reiterated his demands on the same platform, adding a timeline for potential action. He told Fox News there was a “good chance” of reaching an agreement on Monday, though he remained prepared to escalate the situation. A senior Iranian military officer, Gen Ali Abdollahi Aliabadi, dismissed an earlier Trump deadline, calling it “helpless, nervous, unbalanced and stupid” and stating, “the gates of hell will open” for the US leader.
