Oil prices surged over 5% Thursday after President Donald Trump stated he does not want to negotiate a deal with Iran to end the conflict, amid reports that the U.S. is preparing for “massive bombing” in the Middle East.
On Thursday, Brent crude jumped 5.1% to $105.33 per barrel while WTI futures advanced 5% to $92.71.
Speaking at a rally in San Antonio, Texas, President Trump said that he no longer wants a deal with Iran, following reports that the U.S. military is preparing for possible strikes against the country, likely before the midterm election.
“I think the deal isn’t really something that I want to do, but they’re willing to offer us anything to stop,” Trump said.
Thursday, the 10-year Treasury note yield rose 7 basis points to 5.354%; meanwhile, the 30-year Treasury bond yield approached a 24-year high at 5.726%. The jump followed comments from Federal Reserve Governor Christopher Waller, who said additional rate hikes might be necessary to control inflation.
U.S. stock futures declined on Thursday, with the Dow Jones Industrial Average futures dropping 510 points, or 1%. The S&P 500 futures also decreased by 0.6%, and Nasdaq-100 futures fell 0.8%.
By CEO NA Editorial Staff
