Oil prices rallied Tuesday morning after US strikes on Iran’s Kharg Island and comments from President Trump suggesting that he is planning to stick to his self-imposed deadline of 8 pm ET before ordering a widespread airstrike campaign inside Iran.
Futures on Brent crude (BZ=F), the international pricing benchmark, ticked up less than 1% to trade above $110 per barrel in mid-morning trading. Those on US benchmark West Texas Intermediate (CL=F) crude jumped by more than 3% to change hands above $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?”
Early Tuesday morning, the US struck 50 military targets on Kharg Island, Iran’s primary crude oil export terminal and a key source of funding for the regime, according to The Wall Street Journal.
In posts throughout the weekend and at a press conference on Monday, Trump announced the Tuesday night deadline for Iran to make a deal, saying that otherwise he would 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 overnight, 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.
Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.