Crude oil prices opened lower today despite recent comments from President Donald Trump. On Tuesday, Trump announced his plan to return to a “maximum pressure” campaign against Iran, aiming to cut the country’s oil exports to zero. He also expressed interest in the U.S. taking control of the Gaza Strip and developing it.
By mid-morning in Asia, Brent crude was priced at $75.80 per barrel, while West Texas Intermediate stood at $72.40 per barrel.
Oil prices briefly surged on Tuesday after news of the U.S. ramping up pressure on Iran. However, the gains were short-lived, as China announced it would impose retaliatory tariffs on U.S. energy imports, including a 10% tariff on crude oil.
Trump’s comments on Tuesday focused on his goal of stopping Iran from obtaining nuclear weapons. “Iran cannot have a nuclear weapon with me,” Trump said during a joint press conference with Israeli Prime Minister Benjamin Netanyahu, his first foreign visitor since taking office.
At the same press conference, Trump revealed his plan for the Gaza Strip. He stated that the U.S. would take control of the area, clear out dangerous unexploded weapons, and rebuild it. “We’ll own it and be responsible for dismantling all of the dangerous, unexploded bombs and other weapons,” Trump said. “We’ll level the site, clear the destroyed buildings, and create economic development with jobs and housing for the people.”
Trump emphasized that the U.S. would do things differently in Gaza, saying, “If you go back, it will end up the same way it has for 100 years.”
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