Forex▲ Bullish
Oil Rallies on Trump's Iran Stance, Natural Gas Slips
WTI crude topped $84.00 and Brent neared $91.00 after President Trump said he is in no hurry for an Iran deal. Natural gas fell on mild weather.
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Oil prices rose Monday after President Donald Trump said he is in no hurry to reach a nuclear deal with Iran. WTI crude climbed above $84.00 a barrel. Brent crude approached $91.00.
Trump said the naval blockade of Iranian ports was putting significant pressure on the country. He warned that the U.S. would bomb Oman if it obstructed American operations, though he offered no specifics. Iran has said it finalized a shipping map for the Strait of Hormuz but will not reopen the waterway until the blockade is lifted.
The remarks pushed crude higher. The market priced in a prolonged disruption to Iranian exports. Additional support came from Israeli strikes against Hezbollah in Lebanon over the weekend, raising the risk of a wider regional conflict.
WTI settled above its $81.50–$82.00 support zone and was testing the $84.00 resistance area. A move through that level opens a path toward $86.00–$86.50, traders said. The 50-day moving average sits at $78.67, providing a floor if the rally stalls.