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Oil Rises as Trump Says Iran Will 'Pay the Price' for Delaying Peace Deal

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Oil Rises as Trump Says Iran Will 'Pay the Price' for Delaying Peace Deal

Crude oil prices rose Wednesday after US President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal.

Brent advanced 1.7% to $92.96 per barrel, while West Texas Intermediate was last up 2% at $89.97.

"They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump said in a social media post on Wednesday.

US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said.

Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports showed.

These developments come after Trump reportedly said the Iran war could end within a few days.

"With no imminent deal in sight and with the global oil market tightening significantly every day, we see upside to prices, particularly if these disruptions linger into the third quarter, a period of seasonally stronger oil demand," ING Bank said in a report Wednesday.

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