Trump’s new, hard-line stance on Tehran, issued like a deadlock in US-Iran nuclear talks, has shaken up oil traders and caused a rise of nearly 2% in crude prices. The move could further destabilize the global energy market, which is already facing uncertainty from the OPEC+ supply decision, and weaken economic signals from the US
Trump warned that “all oil or petrochemical purchases from Iran must be stopped,” and vowed to immediate sanctions on offenders.
The threat followed a delay in US and Iranian speeches originally scheduled for May 2, which was postponed in response to Oman’s request.
Iranian officials, including Ministry of Foreign Affairs spokesman Esmail Baghaei, confirmed that the new date will be announced later.
Brent Durude rose to $1.07 (+1.8%) per barrel to $62.13.
West Texas Intermediate (WTI) rose from $1.03 (+1.8%) per barrel to $59.24.
OPEC+ members are debating whether to increase output again in June.
Data released Wednesday showed that the US economy was contracted in the first quarter (first negative growth in more than a year) due to the uncertainty caused by Trump-era tariffs and import surges. These tariffs could help push the global economy into a recession this year, according to Reuters polls. With OPEC+ members split and Washington’s Iranian policy in liquidity again, oil market volatility is poised to continue.
MNA/Elampless