Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
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One local anti-government organization and extremist group Islamic State group both claimed responsibility for the horrible attack in Iran on weekend, and Iran accused U.S. and its allies were involved in this attack.
Meanwhile, Iran foreign ministry spokesman Hussein Salami said Iran administration has voiced its discontent to diplomats of Danish, Dutch and British in Iran that those countries have non-intervention with the existing terrorists. Iran president Rouhani also claimed that Iran will not weaken its defense development definitely and strengthen military capability continually, even under mounting pressure from the U.S.
As a cocktail of events develop, markets are more worried about the turbulence in Middle East, because once relationship between Iran and U.S. get worse and they take military actions to revenge each other, then concerns about petroleum safety in the Middle East ramps up, and that will further pressure supply side, pushing oil prices higher. On the other hand, statement from OPEC officials also fueled oil prices. OPEC denied the possibility of increasing crude oil outputs in Algiers conference with Russia last Sunday.
Minister of Energy Falih refuted accusation from president Trump with hash words, saying OPEC is not the evil initiator who bulls the market.
Khalid A. Al-Falih
Minister of Energy, Industry and Mineral Resources of Saudi Arabia
That is of course not true. We have been looking at more important aspects, which is adequacy of supply. And markets are quite balanced today. There is plenty of supply to meet any customer that needs it.
And this statement is actually a decline to Trump's urge that Saudi and other countries should take action to prevent oil price from rising. Those events are negative factors to the supply side, but following response from Iran will affect the oil price more, especially once the conflict between Iran and U.S. escalates, analysts told CNBC.
Thus; any updates on this aspect draw attention from the market. International oil price jumped midnight because of those factors.
WTI U.S. light crude settled at $72.08 a barrel, with 1.84% gain and Brent oil was up 3.05%, closing at $81.20 a barrel.
Among that, Brent crude oil price went beyond $80/barrel which is an important psychological mark, hitting a history high since Nov, 2014. We will keep an eye on this issue.