Oil Prices Surge for Fourth Day on Trump Remarks, Other Factors

International oil prices rose sharply for the fourth consecutive day, influenced by remarks from U.S. President Donald Trump, the reactivation of Iran's air defense systems, and reports of moderate figures withdrawing from negotiation teams with the U.S. The price for West Texas Intermediate crude for June delivery closed at $95.85 per barrel on the New York Mercantile Exchange, the highest price since the 13th based on the most recent futures contract.

U.S. President Donald Trump stated on his social media that he had ordered the U.S. Navy to fire upon and sink any Iranian boats found laying mines in the Strait of Hormuz. President Trump added that no ship would be allowed to enter or leave without U.S. Navy approval.

Israeli media outlet N12 News reported that Mohammad Bagher Ghalibaf, Speaker of the Iranian Parliament, had stepped down from issues related to negotiations with the U.S. due to pressure from the military. Iran's semi-official Mehr News Agency reported that Iran's air defense systems had been reactivated to counter hostile targets. Israeli Defense Minister Israel Katz stated that attacks against Iran were being prepared and that authorization from the U.S. was awaited.

Forex.com, a currency broker, expressed concern over the lack of a visible solution to the Strait of Hormuz issue amidst diplomatic uncertainties. The possibility of high market uncertainty persisting due to the absence of concrete plans to resume passage through the Strait of Hormuz was explained.