KATHMANDU – International crude oil prices have witnessed a significant surge following the latest address by U.S. President Donald Trump. Market tensions escalated after the President warned that the United States might intensify attacks on Iran within the coming weeks, specifically threatening to target Iranian power plants and oil trade operations.
Prior to the speech, there was widespread anticipation that the President’s remarks might de-escalate the ongoing tensions in the Middle East. However, contrary to those expectations, he urged oil-dependent nations to manage the crisis in the Strait of Hormuz themselves and suggested they pivot toward purchasing American oil for the time being.
The impact on the market was immediate. The price of West Texas Intermediate (WTI), the U.S. crude standard, climbed from approximately $98 per barrel before the speech to nearly $104. Similarly, the international benchmark, Brent Crude, saw its price rise from around $100 to nearly $106 per barrel.
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