London – The US President spoke about moving a “war fleet” towards Iran. Iran is a major oil producer in the Middle East. This statement raised fears of military action. Such action could disrupt oil supplies. Consequently, oil prices rose today, Friday.
Brent crude futures for March delivery increased by 29 cents. This was a 0.5 percent rise. The price reached $64.35 per barrel. US West Texas Intermediate (WTI) crude also climbed by 29 cents. This was a 0.7 percent increase. It reached $59.65 per barrel by 07:51 GMT.
Both crude benchmarks had fallen by about 2 percent on Thursday. Prices rose after Trump spoke to reporters. He was on board the US presidential plane. Trump stated the US has a “war fleet” heading towards Iran. He expressed hope that it would not be necessary to use it. He also renewed warnings to Tehran. These warnings concerned killing protesters or resuming its nuclear program.
A US official stated that warships would arrive in the Middle East in the coming days. These warships include an aircraft carrier and guided-missile destroyers. Iran is OPEC’s fourth-largest producer. It is also a major supplier to China. China is the world’s second-largest oil consumer.