Brent crude, the global benchmark, rose about 2.2% to around $115.01 a barrel after US President Donald Trump said the US would “love to take the oil” from Iran, sparking a market reaction.
Meanwhile, Asian stock markets generally fell, with Shanghai and Singapore stocks up slightly. Japan’s Nikkei fell about 3% and Hong Kong’s Hang Seng lost about 1.1%.
Trump and “taking the oil”
According to a report in the Financial Times, Trump said his “preference” was for the US to “take the oil from Iran”, suggesting that US forces could seize Kharg Island – a key port for Iranian oil exports in the Persian Gulf.
Trump compared the option to US action in Venezuela, where the US plans to control the oil industry “without limits” after taking control of the country’s oil resources by ousting President Nicolás Maduro.
In an interview published in the Financial Times, Trump said: “To be honest with you, my favorite thing to do is take the oil in Iran… but some stupid people inside the US say, ‘Why are you doing that?'”
Geopolitical Impact on Energy
The developments come as the war in Iran and the wider conflict in the Middle East continue, putting pressure on global energy flows and undermining market confidence. Brent crude is already on track to post a record monthly gain, partly due to broader regional tensions and risks to energy supplies.
