Get the latest news and updates from Dawn
NEW YORK: Oil prices rose nearly $3 a barrel on Wednesday after President Donald Trump said the US is going to attack Iran “very hard” if no peace deal is finalised and as market data showed a larger-than-expected drawdown in US crude inventories.
Brent crude futures were up $2.63, or 2.8pc, at $94.06 a barrel at 1:07 p.m. EDT (1707 GMT), while US West Texas Intermediate (WTI) crude rose $2.93, or 3.3pc, to $91.12 a barrel, after earlier touching a session high of $91.47. Trump reiterated that Iran would be attacked on Wednesday. He made the remark after scolding Tehran in a Truth Social post for allegedly prolonging negotiations following tit-for-tat strikes overnight.
“Oil prices have shifted from anxiety to apathy and back again amid renewed skirmishes between the US and Iran,” said Phil Flynn, senior analyst at the Price Futures Group.
Global crude oil stock draws are underpinning prices, but lower Chinese crude oil imports are helping to keep a ceiling, PVM analyst Tamas Varga said.
