[International Oil Prices] Soar by Around 5% Amid Trump's Warning to Iran

[Financial News]  

International oil prices closed sharply higher by around 5% on the 8th local time.
Supply concerns resurfaced after U.S. President Donald Trump said the previous Memorandum of Understanding (MOU) with Iran was over and signaled that he would launch additional airstrikes that night, following attacks the day before.
Brent Crude Oil for September delivery, the global benchmark, jumped $3.86, or 5.20%, from the previous session to $78.02 per barrel.
West Texas Intermediate crude oil (WTI), the U.S. benchmark, also rose $3.08, or 4.37%, to close at $73.52 per barrel.
According to CNBC, Trump said at a press conference in Ankara, Turkey, where the North Atlantic Treaty Organization (NATO) summit was held, that he would continue retaliatory action against Iran but that "the war will not resume." His remarks suggested he wanted to keep the situation from worsening and to end the airstrikes quickly before returning to negotiations.
He also said he was skeptical about whether he could trust Iran's leadership or whether talks with Iran would mean anything in that situation, leaving open the possibility of blowing up the negotiating table altogether.
Oil prices, which had been surging after Trump said he would bomb again on the night of the 8th, gave up some of their gains after his remarks that he did not think the United States and Iran would return to full-scale war.
Trump said, "I don't think war will start again," adding, "It will be over a very short period of time. They hit a number of ships, and we hit back harder. When they hit, we hit 10 times harder."
At the press conference, he said oil prices would fall because tankers continued to pass through the Strait of Hormuz.
Trump emphasized, "Oil prices may rise a little, but the upward trend will end very quickly," and added, "Ships are currently stuck outside the strait, disrupting oil supplies, but in the end, oil prices will fall."

dympna@fnnews.com Song Kyung-jae Reporter