WASHINGTON (dpa-AFX) - Crude oil has skyrocketed on Thursday as the U.S.-Iran standoff over the 15-point peace proposal deepens the Middle East conflict.
WTI Crude Oil for May month delivery was last seen trading up by $4.51 (or 4.99%) at $94.83 per barrel.
Even as the U.S.-Israel versus Iran war entered day number twenty-seven, mixed messages from both the U.S. and Iran indicating no development on peace talks kept oil prices elevated.
Since the beginning of this week, U.S. President Donald Trump has claimed that Iran was looking for a deal with the U.S. and reiterated that Iran's military has been obliterated.
However, Iranian news outlets and a few senior parliamentarians have been denying any backdoor negotiations with the U.S.
Officially, the new government in Iran neither denied nor confirmed Trump's claims.
On Tuesday, talking to reporters in the Oval Office, Trump stated that Iran has agreed to 'oil-and-gas-related' concession worth a tremendous amount of money.
Yesterday, reports that Iran has been delivered a 15-point peace proposal drafted by the U.S. via Pakistan sending down oil prices as expectations of a resolution to the conflict boomed.
Iran's Foreign Minister Abbas Araghchi confirmed that Iran was reviewing the proposal but denied any ongoing talks with the U.S. However, he acknowledged that the U.S. is sending messages via several intermediaries.
Meanwhile, reports of the Pentagon readying to send thousands of airborne troops from the U.S. Army's 82nd Airborne Division angered Iran, which vowed to retaliate by blocking the Red Sea if the U.S. sets off ground attacks.
Axios reported today that the Pentagon is preparing to deliver one 'final blow' to Iran.
Amid contrasting claims of U.S.-Iran peace talks, Trump observed in a social media post today that negotiators from Iran were 'begging' the U.S. for a deal but talked the opposite in public platforms.
In a frustrated tone, Trump warned Iran of severe consequences and asked them to get serious before its too late.
Determined to continue its offensive against Iran, today Israel claimed that it had killed the naval commander of Islamic Revolutionary Guards Corps, Alireza Tangsiri.
The Strait of Hormuz remains closed, preventing Arab nations from exporting their oil to various parts of the world.
Controlling the narrow seaway, Iran is letting only a few ships considered connected to countries that are 'non-hostile' to Iran to pass through the strait.
In the U.S. today, a report from the Department of Labor revealed that the initial jobless claims rose by 5,000 to 210,000 on the third week of March.
Continuing jobless claims (i.e., the number of people ongoing receiving unemployment benefits) decreased to 1,819,000 for the week ending March 14.
The four-week moving average for the initial jobless claims, decreased to 210,500 on March 21.
If the war turns furious, damages could be overwhelming, and it may take years before the facilities resume full operations.
Market participants have adopted a cautious stance to see how the situation unfolds before making big moves.
The U.S. dollar index was last seen trading at 99.92, up by 0.30 points (or 0.30%) today.
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