Brent crude oil climbed back above $80 a barrel Wednesday evening, according to market reports, reversing recent declines as renewed conflict concerns drive the price up.
Brent crude oil remained above $80 per barrel as of Wednesday evening, consolidating the sharp gains triggered earlier in the day, according to market reports cited by Insider Paper. The move follows the earlier surge that brought prices to $80 at 17:32 Jerusalem after President Trump warned that oil prices 'may rise,' as The Zioneer reported.
The thread began at 17:32 Jerusalem, when President Trump first stated that Iranians are "messed up" and that the U.S. may take actions that would raise oil prices. The market reacted immediately, with crude surging 7.5% to around $80, according to N12 market reports. In subsequent versions, Trump added that any price spike would be temporary, and that the Iranians are "behaving very badly." The oil market has been highly volatile in recent weeks. Earlier, on June 24, the U.S. oil benchmark (WTI) briefly traded below $70 for the first time since the conflict began, as The Zioneer reported at 16:39 Jerusalem. That drop followed a sustained decline driven by the US-Iran peace deal and expectations of increased Iranian oil exports, as The Zioneer reported on June 15 (Brent fell to $83) and June 24 (WTI below $70).
The latest rebound reflects renewed concerns about potential conflict in the Middle East, though the specific trigger remains unclear. The market's direction in the coming days will likely depend on further developments in US-Iran relations and any new statements from President Trump.
5 developments
Source and signal
- Internal intake