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International Business Times UK

World

Stephanie Cruz

Oil Whipsaws $30 in 24 Hours as Trump Vows to 'Hit Iran Extremely Hard'

Oil Iran Donald Trump Fatih Birol CNBC IEA United States PBS News

Oil prices swung nearly $30 (£24) per barrel in 24 hours as ceasefire hopes collapsed and President Donald Trump vowed in a primetime address to 'hit' Iran 'extremely hard' over the coming weeks.

Brent crude futures surged more than 8% to $109.16 (£86) per barrel on 2 April, while US benchmark West Texas Intermediate climbed 8.2% to $108.36 (£86), CNBC reported. Both benchmarks had traded below $100 (£79) just hours earlier, after traders bet the five-week-old conflict was nearing its end.

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One subscription that gives you access to news from hundreds of sites

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