Brent crude jumps 6.5% as US president vows to hit Iran ‘extremely hard’ over coming weeks
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Oil prices soared and stocks sank after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking investors hopes of a near-term end to the conflict in the Middle East.
Brent crude prices jumped by 6.5% on Thursday morning to more than $107.6 a barrel, reversing Wednesday’s drop when hopes of a de-escalation pushed the international benchmark below the $100-a-barrel mark at one point.
Meanwhile, the FTSE 100 in London opened 0.68% down, knocking out part of the previous session’s gains when the blue-chip index had its best day in almost a year. The fall came despite the oil price rise bolstering the price of FTSE-listed fossil fuel companies, with BP rising 2.9% and Shell climbing 2%.
