Crude Oil Prices Climb After Iran Threatens US, Blames ‘Gambler’ Trump For Entering Conflict With Israel

Crude oil prices rose Monday morning after Iran warned that U.S. attacks on its nuclear facilities have broadened its scope of retaliation and called President Donald Trump a ‘gambler’ for taking up the risk of aligning the U.S. with Israel.

U.S. crude futures jumped to $75.19 per barrel overnight, their highest level since January, before paring gains.

West Texas Intermediate (WTI) crude was trading at $74.55 per barrel early Monday morning, up 0.9%. The United States Oil Fund (USO) gained 1% in pre-market trade. The USO ETF has gained 21% over the past month. The Invesco DB Oil Fund (DBO) rose 0.5%, bringing its monthly gain to around 15%.

Exxon Mobil Corp. (XOM) and Occidental Petroleum Corp. (OXY) also surged pre-market. XOM's stock gained as much as 1.7%, while OXY's stock jumped 2.3% 

“Mr. Trump, the gambler, you may start this war, but we will be the ones to end it,” said Ebrahim Zolfaqari, the spokesperson for Iran’s Khatam al-Anbiya military headquarters, on Monday, as cited by Reuters.

Iran’s Defence Minister, Amir Hatami, said the U.S. would soon receive a “decisive response,” stating that “this time would be no different.”

The statements followed Sunday’s U.S. airstrikes on Iranian nuclear sites. In a post on Truth Social, Trump said the attacks caused “monumental damage” and described the strikes as a “bullseye” on deep-underground bunkers. Iran has responded with a new wave of missile strikes on Israel, but has yet to target U.S. bases or oil infrastructure in the Gulf.

Iran’s parliament has reportedly approved a measure to close the Strait of Hormuz, though the final decision rests with the country’s national security council. The move could disrupt a key energy corridor that handles about 20% of global oil shipments.

The United Nations Security Council convened on Sunday to address the crisis. China condemned the U.S. strike, warning that the situation “may go out of control.” China’s U.N. ambassador, Fu Cong, said U.S. credibility had been damaged and called for an immediate ceasefire.

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