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Oil Prices Increase as Trump Sets Deadline for Iran Deal
(MENAFN) Oil prices climbed sharply Monday as the world braced for a critical US-Iran standoff. Traders reacted ahead of a deadline set by US President Donald Trump for Iran to meet American demands and agree to a ceasefire.
By 0630GMT, Brent crude futures were up 1.5% at roughly $111.4 per barrel, while West Texas Intermediate (WTI) surged 2.7% to $115.3.
Trump signaled that failure to reach a truce could trigger broad military action. On Monday, he declared that American forces could "take out" the entire nation of Iran in a single night.
"The entire country could be taken out in one night, and that night might be tomorrow [Tuesday] night," Trump told reporters.
He reinforced his warning with a precise timeline: by Tuesday night at 8 pm EDT (0000GMT Wednesday), every bridge and power plant in Iran would be "decimated" if no agreement is reached.
Meanwhile, tensions escalated as the Israeli army issued advisories to Iranian civilians, urging them to avoid train travel nationwide on Tuesday and to stay clear of areas near railway lines.
By 0630GMT, Brent crude futures were up 1.5% at roughly $111.4 per barrel, while West Texas Intermediate (WTI) surged 2.7% to $115.3.
Trump signaled that failure to reach a truce could trigger broad military action. On Monday, he declared that American forces could "take out" the entire nation of Iran in a single night.
"The entire country could be taken out in one night, and that night might be tomorrow [Tuesday] night," Trump told reporters.
He reinforced his warning with a precise timeline: by Tuesday night at 8 pm EDT (0000GMT Wednesday), every bridge and power plant in Iran would be "decimated" if no agreement is reached.
Meanwhile, tensions escalated as the Israeli army issued advisories to Iranian civilians, urging them to avoid train travel nationwide on Tuesday and to stay clear of areas near railway lines.
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