Today, Brent futures traded around $102 a barrel, after almost 13% gains in the previous three sessions.
The comments come after the S&P 500 and Nasdaq Composite reached record highs yesterday, following President Trump extending the U.S. ceasefire with Iran. He stated that the truce agreed upon on April 7 will remain in effect indefinitely while Washington waits for Iran to submit a new peace proposal. Meanwhile, Tehran has announced it has no immediate plans to participate in negotiations.
Although markets have stabilized, tensions at the Strait of Hormuz continue as the US military announced it intercepted two Iranian oil supertankers that tried to bypass its blockade.
Today, President Trump posted on Truth Social:
“I have ordered the United States Navy to shoot and kill any boat, small boats though they may be (Their naval ships are ALL, 159 of them, at the bottom of the sea!), that is putting mines in the waters of the Strait of Hormuz. There is to be no hesitation. Additionally, our mine “sweepers” are clearing the Strait right now. I am hereby ordering that activity to continue, but at a tripled up level! Thank you for your attention to this matter. President DONALD J. TRUMP”
Currently, tanker traffic remains well below pre-war levels in the strait, which normally handles 20% of the world’s oil.
By CEO NA Editorial Staff
