Trump’s threat raises fears for global oil supplies

U.S. President Donald J. Trump warned Iran against any attempt to disrupt oil flows through the strait. Writing on Truth Social, he said: “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!” 🚨 pic.twitter.com/JCO0XsgJ6H Earlier, on Monday, benchmark crude prices climbed above $100 for the first time since 2022 amid concerns that conflict involving the United States, Israel, and Iran could interfere with shipments through the Strait of Hormuz, one of the world’s most critical oil transit routes Later, finance ministers from the Group of Seven, which includes Canada, France, Germany, Italy, Japan, the UK and the USA, held an emergency teleconference on Monday to discuss the surge in oil prices. According to OilPrice.com, the ministers broadly agreed to delay any immediate release of crude from their strategic reserves while further analysis is conducted As of March 10, futures for Brent crude fell to $92.45 per barrel as of 10:31 a.m. Astana time. U.S. West Texas Intermediate (WTI) crude declined to $88.3 per barrel Earlier, Qazinform News Agency reported that Iraq announced sharp decline in oil production due to regional escalation