OIL prices have been fluctuating since Monday, with Brent crude rising above US$111 (about N$1 900) a barrel in early trade yesterday, before dropping to US$109 (about N$1 842).
This is a result of United States (US) president Donald Trump threatening to take out Iran “in one night” if it failed to agree to a deal with the US.
During a press conference earlier this week, Trump said “the entire country could be taken out in one night, and that night might be tomorrow night”.
This threat comes as a result of Trump giving Iran an ultimatum to reopen the Strait of Hormuz by 02h00 today (Namibian time).
Trump threatened to blow up every bridge and power plant in Iran if his demands were not met.
Meanwhile, in a statement this week, the International Energy Agency warned that the current oil and gas crisis triggered by the blockade of the Strait of Hormuz is “more serious than the ones in 1973, 1979 and 2022 together”.
Brent crude rose above US$110 (about N$1 860) a barrel after that post, then eased after a report of US-Iran talks over a potential ceasefire.
