Oil prices rise following Trump’s speech on war with Iran

Oil prices rose and shares fell after US President Donald Trump made a primetime televised speech about the Iran war on Wednesday, the BBC writes.

The price of benchmark Brent crude was trading at about $100 a barrel before the US president started speaking. After the address, Brent jumped by 6.5% to $107.70, while West Texas Intermediate oil rose 5.5% to about $105.70.

Trump called on nations that need oil from the Middle East to take the lead to keep the Strait of Hormuz open, arguing the US doesn’t need energy from the region.