President Donald Trump has warned that the United States will strike Iran “very hard” in the coming days in the ongoing conflict involving the US, Israel, and Iran.
Trump made the statement shortly after the US government issued a 30-day waiver allowing countries to purchase sanctioned Russian oil currently at sea, a move aimed at easing global energy prices driven higher by the war.
Despite the temporary waiver, global oil prices continued to fluctuate.
Benchmark Brent crude was trading around $99.50 per barrel on Friday as markets reacted to the latest developments in the conflict.
Energy prices have surged amid fears that the fighting could disrupt shipments through the Strait of Hormuz, a critical maritime route that carries roughly one-fifth of the world’s oil supply.
DDM reported that Iran has previously targeted vessels moving through the waterway, increasing concerns about global energy security.
As the conflict approaches its third week, both sides have continued exchanging attacks.
Iranian forces launched missile and drone barrages against Israel, while Israeli forces carried out strikes on targets inside Iran and against Iran-aligned groups in the region.
The escalating hostilities have heightened geopolitical tensions and placed further pressure on global financial markets.
The partial sanctions waiver on Russian oil is part of Washington’s attempt to stabilise global energy markets and limit the economic impact of the war.
However, analysts say the continuing conflict and threats from leaders in Iran, Israel, and the United States are likely to keep oil prices volatile in the coming weeks.
