Oil Surges Past $116 as Trump Pledges to ‘Take the Oil’ from Iran
Oil markets rallied Monday after remarks by US President Donald Trump heightened fears of a regional escalation. Brent crude jumped above $116 a barrel, while US benchmark WTI also gained.
Market moves and price data
Brent crude rose about 3.5% to roughly $116.5 a barrel. WTI climbed near $101.7 a barrel, up about 2%.
Brent had settled at $112.57 on Friday, its strongest close since 2022. Prices have climbed more than 50% so far in March.
Comments by President Trump
Trump told the Financial Times he wants to “take the oil” in Iran. He said US forces could seize Kharg Island, a key export hub.
Kharg Island handles about 90% of Iran’s oil exports. Markets viewed the comments as a potential trigger for wider conflict.
Comparisons to Venezuela
Trump compared the approach to recent US actions in Venezuela. He said the United States intends long-term control of that country’s oil industry after taking action in January.
Supply chokepoints and risks
Earlier attacks on Feb. 28 prompted Tehran to choke off the Strait of Hormuz. That route normally carries about one-fifth of global oil supply.
Houthi militants in Yemen launched strikes against Israel over the weekend. Analysts warn they could attempt to close the Bab al-Mandab Strait, another critical shipping chokepoint.
Diplomacy and military movements
Trump told reporters aboard Air Force One that talks with Iran were “very good.” He said Tehran accepted most of Washington’s 15-point demands.
Iranian officials have expressed skepticism. The US list reportedly covers nuclear constraints, handing over enriched uranium, and reopening the Strait of Hormuz.
Regional diplomatic efforts
Foreign ministers from Pakistan, Saudi Arabia, Egypt and Turkey met Sunday. Pakistan’s Foreign Minister Ishaq Dar described the session as “very productive.”
Dar said Pakistan would help facilitate direct talks between the United States and Iran in the coming days.
Investor reaction and outlook
Markets remain jittery due to the uncertain military and diplomatic picture. Deutsche Bank’s Jim Reid noted investors fear further escalation.
Traders reacted fast as oil surges past $116 and participants weighed the impact of a potential seizure of Iranian export facilities. Filmogaz.com will monitor developments as they unfold.
