Oil prices jump over 5% after Trump says Iran ceasefire is over
8 reported
According to a single-source report from The Guardian, oil prices rose more than 5% after U.S. President Donald Trump said the memorandum of understanding to end the conflict with Iran was “over,” sparking fears about liquefied natural gas supplies from the region. The benchmark Dutch front-month gas contract at the TTF hub rose €2.424 to €49 per megawatt hour, touching its highest level since June 11. The British front-month contract increased 6 pence to 116.75p per therm. Trump made the statement at the NATO summit in Ankara, saying he does not want to deal with Iran any more and calling them “scum,” “sick people,” and “liars.” The U.S. launched a new wave of strikes and Tehran hit U.S. bases in the Gulf after several tankers in the Strait of Hormuz were attacked on Tuesday. About a fifth of the world’s liquefied natural gas supplies typically pass through the waterway, and a Qatari LNG tanker was at risk of exploding while a Saudi crude tanker was damaged near the strait. Analysts at Engie EnergyScan said the attacks reignited supply risk concerns, and the International Energy Agency said if the strait is not fully reopened before October, global LNG supply could record its first annual decline since 2012.
What’s reported
Oil prices jumped over 5% after Trump said the memorandum of understanding with Iran was “over.”
The Dutch front-month gas contract rose €2.424 to €49 per MWh, its highest since June 11.
The British front-month contract increased 6 pence to 116.75p per therm.
Trump spoke at the NATO summit in Ankara, calling Iran “scum,” “sick people,” and “liars.”
The U.S. launched new strikes and Tehran hit U.S. bases in the Gulf after tanker attacks on Tuesday.
About a fifth of global LNG supplies typically pass through the Strait of Hormuz.
A Qatari LNG tanker was at risk of exploding and a Saudi crude tanker was damaged near the strait.
The International Energy Agency said if the strait is not reopened before October, global LNG supply could see its first annual decline since 2012.
Key figures
Donald Trump, U.S. President
Engie EnergyScan analysts (not individually named)
International Energy Agency (not individually named)
Sources: The Guardian
