Global oil prices rise - Iran threatens Persian Gulf energy infrastructure after Trump warning
Oil prices rose on Monday after Iran's Revolutionary Guard said it would target Israeli power plants and those supplying US bases in the Middle East in retaliation for any attacks on its electricity sector.
Brent crude futures rose $1.57 to $113.76 a barrel, while U.S. West Texas Intermediate crude traded at $101.32 a barrel.
On Saturday, US President Donald Trump threatened to "destroy" Iran's nuclear power plants if the latter does not fully reopen the Strait of Hormuz within 48 hours, just a day after speaking of a "de-escalation" of the war, which is now in its fourth week.
Analysts say this rhetoric clearly means more escalation and higher oil prices. Trump is trying to show that he can de-escalate, and this path ends in scorched earth for Gulf infrastructure.
The war has damaged key energy facilities in the Persian Gulf and nearly halted shipping through the Strait of Hormuz, which handles about 20% of global flows of oil and liquefied natural gas.
Analysts estimated a loss of 7 million to 10 million barrels per day of oil production in the Middle East.
Iraq has declared force majeure on all oil fields developed by foreign companies. Crude oil production at the Basra Oil Company has been cut to 900,000 barrels per day from 3.3 million barrels previously.
Indian refiners plan to resume buying Iranian oil, while refiners in other Asian countries are considering such a move, traders said.
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