Crude oil prices rose on Monday with Brent futures jumping by more than 2% after United States President Donald Trump said that his “favorite thing” about his country’s military operation in the Middle East would be to “take the oil” from Iran, despite facing opposition in the US. Traders also kept their eyes on the developments in the Iran war, as reports signaled that Washington is preparing a ground operation that could last several weeks.
West Texas Intermediate (WTI) for May’s deliveries increased by 1.35% at 2:27 am ET to $100.99 per barrel. Meanwhile, Brent for the same month’s settlements climbed by 2.42% to $115.3 per barrel at 2:27 am ET.
Trump: My favorite thing is to take the oil in Iran
United States President Donald Trump remarked in an interview with The Financial Times that his “favorite thing” about Washington and Israel’s military campaign against Iran is “to take the oil” in that country, but that he faces opposition on the home front. Trump insisted that “some stupid people back in the US say: ‘Why are you doing that?’ But they’re stupid people.” He claimed that one of the ways to achieve such a goal would be to seize Iran’s oil hub, the Kharg Island, which the US could do “very easily.” “We have a lot of options,” Trump said. “It would also mean we had to be there for a while.”
Previously, Trump told Israel’s Channel 14 that the US is close to controlling the Strait of Hormuz. Meanwhile, The Wall Street Journal reported that Trump was considering sending troops to Iran to extract 1,000 pounds of the country’s uranium.