Oil prices have soared overnight after US President Donald Trump announced that war in Iran will continue and anyone who wants oil from the Strait Hormuz should go and get it. His announcement was made after the IRGC reiterated that it remains in full control of the Strait of Hormuz. The Strait of Hormuz remains closed with hundreds of ships idling outside waiting to pas through.
President Trump has urged nations which need vessels to pass through the Strait Hormuz for oil and gas to go to the Strait and provide security themselves. Trump has reiterated that the US will not address the IRGC’s control of the Strait Hormuz but said that the Strait will open naturally after the war will end.
President Trump also said that he will be bombing Iran back to the stone age and once again said that the US government is working on regime change in Iran. The Iranian government has denied that there are any ongoing negotiations with the US government.
WTI is above $101 as of writing and European Diesel and Brent above $106.
Inflation readings for March in Europe are expected to go higher due to soaring oil prices but food prices are also set to raise significantly as the oil crisis deeply affects food supply chains.
You can watch the speech by President Trump here.
Newsroom
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