Brent crude hits $116 a barrel as Trump threatens to ‘blow up’ Iran’s oil wells and export hub
The Guardian • • nation
Key Points:
- Oil prices surged to nearly $117 a barrel following US President Donald Trump's threats to destroy key Iranian energy infrastructure if Iran does not agree to a deal and reopen the Strait of Hormuz, a critical oil transit route.
- Trump also suggested the US might seize Iran's export hub, Kharg Island, as part of escalating military options, contributing to heightened tensions and market volatility.
- US Federal Reserve Chair Jerome Powell highlighted the delicate balance policymakers face between supporting the labor market and controlling inflation amid economic uncertainties caused by the conflict.
- The Middle East conflict has driven Brent crude prices up 54% in March, nearing historic highs, with fears of a prolonged war raising concerns about global recession risks and potential fuel shortages, including in the UK.
- UK leaders, including Keir Starmer and Chancellor Rachel Reeves, are engaging with energy and industry stakeholders to discuss emergency measures and advocate for accelerated clean energy initiatives to reduce dependence on volatile oil and gas markets.
