Oil prices rose Wednesday after Israeli Prime Minister Benjamin Netanyahu told the media his country and the U.S. are prepared to strike Iran again if necessary.
West Texas Intermediate futures gained nearly 2% to $95.43 U.S.. International benchmark Brent crude advanced more than 1% to $97.54 U.S. per barrel.
Iran knows that President Donald Trump has said “if necessary, there will be a full scale return to military action,” Netanyahu said.
When asked about Israel’s military offensive in Lebanon, the prime minsiter said “we have to disarm Hezbollah and we have to demilitarize Lebanon.” Trump also shares this goal, the prime minister said.
Iran has refused to agree to a deal with the U.S. to reopen the Strait of Hormuz, which is crucial for global oil supplies, until Israel halts its attacks in Lebanon and withdraws from the country.
Meanwhile, the U.S. and Iran traded military strikes again, demonstrating the fragility of the ceasefire between the two countries. U.S. Central Command said Tuesday that it had defeated multiple Iranian ballistic missiles and drones and launched defensive strikes following “attempted attacks” by Iran.
That followed Trump and Secretary of State Marco Rubio saying that Washington was still engaged in talks with Iran over a potential deal to halt the conflict, pushing back against Iranian media reports suggesting communications had broken down.
Rubio also told the Senate Foreign Relations Committee that as part of those discussions, “there is the prospect” that Iran “could negotiate aspects of their nuclear program.”
Related Stories
