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Oil jumps past $91 as Trump casts doubt on a new deal with Iran
NBC News • • nation
Key Points:
- Oil prices surged sharply on Monday following President Donald Trump’s skepticism about extending the ceasefire deal with Iran, with Brent crude rising above $91 per barrel and U.S. crude closing at $84.50 per barrel.
- Treasury yields climbed to their highest levels in years, with the 10-year yield reaching 4.72% and the 30-year yield surpassing 5.3%, while stock indexes extended losses, with the S&P 500 down 0.5% and Nasdaq falling 0.3%.
- Trump asserted U.S. control over the Strait of Hormuz through a naval blockade and suggested declaring it U.S. territory, though recent shipping data indicates significantly reduced vessel traffic through the waterway.
- The president also made a threatening remark regarding Oman, stating that the U.S. would bomb the country if it interfered, escalating tensions in the region amid ongoing conflict and attacks on oil tankers.
- Oil prices remain elevated, nearly 50% higher than at the start of the year and more than 25% above levels before the Iran war began, reflecting continued volatility and uncertainty in the market.
