United States President Donald Trump accused Tehran on Thursday of fabricating attacks and threats to shipping to push oil prices higher ahead of the US midterm elections.”Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election,” Trump wrote on Truth Social. “They are even making up fake hits, mines, and everything else,” he added, claiming more oil was passing through the Strait of Hormuz than before the conflict began. He also accused Iranian authorities of continuing to kill protesters, claiming that “75,000 protestors lie dead in less than seven months.” “It is shocking how the World, and the Dumocrat Party, seem not to care,” he wrote, calling the Iranian government “truly an Evil Regime,” and reiterating once again his opposition to Tehran obtaining nuclear weapons.
Brent jumps 4% on Middle East tensions
The price of crude oil for front-month contracts continued to rally on Thursday as the situation in the Middle East heightened concerns about the commodity supply from the region. The Houthi militant group attacked the building of the Saudi Arabian Defense Ministry in Riyadh following the kingdom’s latest airstrikes on Yemen. The group also targeted Aramco facilities and King Fahd International Airport in Dammam, a strike that killed at least two people. Meanwhile, tensions between Israel and Iran also deepened, with US President Donald Trump accusing Tehran of fabricating attacks and threats to shipping to drive oil prices higher ahead of the American midterm elections. Brent for December settlements surged 4.11% to $113.28 a barrel at 1:52 pm ET. For the same month’s deliveries, West Texas Intermediate jumped 3.02% to $100.08 a barrel.