Oil prices rise more than 1% after Trump comments on Iran

Oil prices rising globally. [AI generated image]

Oil prices rose by more than 1 per cent in global markets on Thursday after US President Donald Trump said there is “no need for a deal with Iran”.

The gains affected both Brent crude and US West Texas Intermediate (WTI) futures, as markets reacted to Trump’s comments on Washington’s stance towards Iran and their potential impact on regional geopolitical tensions and energy supplies.

Oil markets are closely monitoring developments in US-Iran relations, given the strategic importance of the Strait of Hormuz, a key route for transporting large volumes of oil to global markets.

READ: Trump says US ‘doesn’t need’ deal with Iran, claims control of Strait of Hormuz

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