Kathmandu. Crude oil prices are rising in view of the possibility of increased tensions between the US and Iran.
The United States on Wednesday allowed families of U.S. military personnel to return from Middle East countries. Brent crude, the international oil benchmark, rose 5 per cent to $70 a barrel in Tuesday afternoon trade in New York. Us West Texas Intermediate also showed growth and reached its highest level since April.
A few hours ago, Donald Trump said that there was little hope of success in the negotiations with Iran on the nuclear deal. Confirming the withdrawal of non-essential employees, Trump said, “American employees are leaving the Middle East. It can be a dangerous place. We’ll see what happens. Iran cannot have a nuclear weapon. We will not allow this to happen. ’
The U.S. has warned that if diplomacy fails, it will consider military options to prevent Iran from acquiring nuclear weapons. Israel has also threatened to take action against Iran.
Israel is at its weakest point in decades. In such a situation, Israel has an opportunity to attack.
Iran’s defense minister said On Wednesday that his country would target US military bases “without hesitation” in response to any attack. These statements have had a direct impact on the oil market.
Iran’s deadline to reach a new nuclear deal expires on Thursday. Trump gave Iran 60 days to reach the deal. – Agency
