Oil price surges, Asian stocks fall as Trump vows to continue Iran attacks

Al Jazeera:

Oil prices rose more than $5 as President Donald Trump said the United States would continue attacks on Iran without committing to a specific timeline to end the war, fanning investor fears about sustained disruptions to supply.

Brent crude futures LCOc1 rose $6.33, or 6.3 percent to $107.49 per barrel early on Thursday, while US West Texas Intermediate crude CLc1 futures were up $5.28, or 5.3 percent to $105.40 per barrel.

The gains followed an earlier fall of more than $1 in both benchmarks prior to Trump’s televised speech to the nation.

Iran’s closure of the Strait of Hormuz in retaliation for the US-Israeli attacks has disrupted about one-fifth of global oil and liquefied natural gas (LNG) supplies, causing the world’s biggest energy crisis in decades.

“We are going to finish the job, and we’re going to finish it very fast. We’re getting very close,” Trump said on Wednesday. He also claimed that the US military had nearly achieved its goals in the conflict, which would end in two to three weeks. Those remarks are similar to previous ones.