Oil prices rose on Monday due to President Trump’s declaration that Iran would be held responsible for any future Houthi attacks, impacting market stability. U.S. crude and global Brent prices increased by 0.6% and 0.62%, respectively. The ongoing military campaign against the Houthis aims to ensure freedom of navigation in response to their actions against shipping.
Oil prices experienced an increase on Monday following President Donald Trump’s assertion that the United States would hold Iran accountable for any future attacks by the Houthis, a militant organization in Yemen known for targeting commercial shipping. U.S. crude oil futures increased by 40 cents, or 0.6%, reaching $67.58 per barrel, while the global benchmark Brent rose 44 cents, or 0.62%, to $71.02 per barrel.
In a statement on the social media platform Truth Social, President Trump remarked, “Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of IRAN. IRAN will be held responsible, and suffer the consequences, and those consequences will be dire!” This declaration follows a series of airstrikes carried out by the U.S. against the Houthis over the weekend.
Defense Secretary Pete Hegseth expressed that the U.S. campaign against the Houthis will persist until the group ceases its aggressive actions. In an interview on Fox News’ Sunday Morning Futures, he stated, “This campaign is about freedom of navigation and restoring deterrence. The minute the Houthis say we’ll stop shooting at your ships, we’ll stop shooting at your drones, this campaign will end. But until then, it will be unrelenting.”
In summary, the rise in oil prices reflects heightened tensions stemming from President Trump’s statement on Iran’s accountability for Houthi attacks. With the U.S. committed to a sustained military campaign against the Houthis, the situation remains critical, impacting oil markets. These developments may increase volatility in oil prices, emphasizing the delicate balance of international relations in the region.
Original Source: www.cnbc.com
