Trump's Statements Drive Oil Prices Upward

Oil prices witnessed a notable surge, reinforcing their gains in afternoon trading on Wednesday, following statements made by US President Donald Trump regarding Iran. Futures contracts for US West Texas Intermediate (WTI) crude for July delivery climbed by approximately 1.43%, reaching $89.46 per barrel. Similarly, global Brent crude futures for August delivery rose by 1.13%, settling at $92.48 per barrel. This development came after the US President had earlier announced his intention to issue orders for new strikes targeting energy sites and bridges in Iran, citing the Iranian side's stalling in negotiations.