Analyst: Trump's Speech Drives Oil Prices Soaring, Risk Premiums Spike Sharply

Odaily News Crude oil futures prices surged after former President Trump delivered remarks on the Iran war, dampening traders' expectations for a swift resolution to the Middle East conflict. Scott Shelton, an analyst at TP ICAP, stated in a report: "Oil prices were under pressure for most of the week, but Trump's speech caused them to spike overnight. The content leaned more towards escalation and 'getting the job done,' with little mention of peace negotiations." He noted that while this move might be intended to force Iran back to the negotiating table, risk premiums have already risen sharply. (Jin10)