Strait of Hormuz Concerns Push Oil Prices Higher After Trump Warning

Global crude oil prices climbed more than 1% onn Friday after US President Donald Trump said he would not remain ‘much more patient’ with Iran, while fears are their attacks over ships and disruptions in the Strait of Hormuz continued to keep the markets on edge.

Brent crude futures rose $1.32, or 1.25%, to $107.04 a barrel, as per Reuters.

For weeks, Brent has surged nearly 6% while WTI has climbed more than 7%, driven by uncertainty that is surrounding the weak ceasefire in Iran conflict and it leads to concerns in the supply disruptions through Strait of Hormuz.

“I am not going to be much more patient,” Trump said in an interview with Fox News on Thursday night, referring to Iran, “They should make a deal.”

The Strait of Hormuz remains at the centre of market concerns as it is handling 1/5th of global oil shipments under normal conditions.

The White House said Trump and Chinese President Xi Jinping agreed on the need to keep the crucial shipping route open during the ongoing summit in Beijing.