Oil prices rallied Tuesday morning after comments from President Trump suggested the US leader is planning to stick to his imposed deadline of 8 p.m. ET tonight before ordering a widespread airstrike campaign inside Iran.
Futures on Brent crude, the international pricing benchmark, surged by 1.3% to trade above $111 per barrel. Those on US benchmark West Texas Intermediate (WTI) crude jumped by 3.3% to change hands around $116 per barrel.
In a post on Truth Social Tuesday morning, President Trump wrote, “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will.”
He continued, possibly suggesting a road to concessions, “However, now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS?”
In posts through the weekend and at a press conference on Monday, Trump announced a deadline of 8 p.m. ET Tuesday night for Iran to make a deal, or else Trump will order the US military to bombard power stations and bridges throughout Iran.
“After that, they’re going to have no bridges, they’re going to have no power plants — stone ages,” Trump said during Monday’s press conference.
In comments reported overnight into Tuesday, Iran reportedly has said it will no longer hold back from widespread attacks against infrastructure throughout the Gulf.
When asked during the press conference about the status of negotiations with the Iranian regime, Trump said, “I can’t talk about ceasefire, but I can tell you we have an active willing participant on the other side.”
Attacks overnight by Iran reportedly targeted Saudi Arabia’s Jubail petrochemical plant, a major production facility. Inside Iran, the US and Israel reportedly struck a series of bridges, roads, an airport, and other infrastructure throughout Monday night and into Tuesday, according to Iranian media.
Iran has reportedly denied proposals for a temporary ceasefire, saying the regime will only accept a full end to the conflict, along with guarantees of reparations for damage and other measures.