U.S. oil prices top $100 as Trump administration threatens strikes on Iran's crude export facilities
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The U.S. strikes on Kharg Island and Trump's threat to hit Iran's oil infrastructure mark a major escalation in the war, according to JPMorgan.
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In this article USO XOM CVX Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 5:27 05:27 Strait of Hormuz seeing less than a handful of tankers pass per day, says Kpler's Matt Smith Power Lunch U.S. crude prices topped $100 per barrel Sunday evening, as the U.S. weighs military strikes on OPEC member Iran's key oil export facilities on Kharg Island. U.S. crude oil rose 1.68% to $100.37 per barrel by 6:04 p.m. ET. Brent prices, the international benchmark, were up 2.15% to $105.36 per barrel. President Donald Trump ordered strikes Friday against Iranian military assets on Kharg Island. Trump said the strikes had left oil infrastructure unscathed. But he warned that the U.S. would consider hitting crude infrastructure on the island if Iran continued to block the critical Strait of Hormuz. The U.S. ambassador to the United Nations, Mike Waltz, reiterated Trump's threat to strike oil infrastructure on the island. About 90% of Iran's oil exports are shipped from there, according to JPMorgan. Iran produced about 3.2 million barrels per day in February, according to OPEC data . "He deliberately hit the military infrastructure only, for now," Waltz told CNN in an interview Sunday. "And I would certainly think he would maintain that optionality if he wants to take down their energy infrastructure." The U.S. strikes on Kharg Island and Trump's threat to hit Iran's oil infrastructure mark a major escalation in the war, said Natasha Kaneva, head of global commodity strategy at JPMorgan, in a Friday note to clients. A direct strike on Iran's export terminal on the island would immediately half the bulk of its crude exports of 1.5 million bpd, Kaneva said. This would likely trigger "severe retaliation" by Iran "in the Strait of Hormuz or against regional energy infrastructure," she said. watch now VIDEO 3:52 03:52 Fmr. Sec. of Defense Leon Panetta: Surprised U.S. had 'no plan' to deal with closure of Strait of Hormuz Closing Bell: Overtime Iranian attacks on oil tan...
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