Lucky Obukohwo, Reporting
Crude oil prices have plummeted to $90 per barrel after US President Donald Trump threatened “death, fire, and fury” if Iran disrupts oil shipments through the Strait of Hormuz.
Global oil benchmark Brent crude recorded a reduction by 8.45 per cent to $90 a barrel. Also, the US West Texas Intermediate fell by 8.58 per cent to $86.77 per barrel.
The development comes after global crude oil prices surged above $100 per barrel on Monday, making it the highest since July 2022.
The price crashes on Tuesday marks the first decline since the Middle East conflict began.
Recall that Trump had on Monday sent a stern warning to Iran, saying that the US would respond “twenty times harder” if Tehran takes action to disrupt oil shipments through the Strait of Hormuz.
He vowed devastating strikes that he said could make it “virtually impossible” for the country to rebuild.
“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!”, Trump wrote on Truth Social.
