WTI crude futures (CL), the U.S. benchmark for oil, are up by over 11% after President Trump said he would strike Iran “extremely hard over the next two to three weeks.”
Claim 30% Off TipRanks
Forget margin or options. Here's how the pros trade QQQThe U.S. has continued to launch missiles against Iran and struck its largest bridge on Thursday. Trump warning in a Truth Social post that there is “much more to follow” and pressured the country to reach a deal.
Oil Briefly Dips On Joint Hormuz Plan
Oil prices dipped midday after Iranian deputy foreign minister Kazem Gharibabadi said that Iran and Oman are drafting a post-war protocol to supervise ships traveling through the Strait of Hormuz, according to state news agency IRNA. However, prices climbed higher shortly after the announcement.
Traffic through the global oil chokepoint remains at a near standstill as the war drags on, creating a supply shock. WTI crude has risen 33% since the start of the conflict on February 28.