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President Donald Trump on Tuesday said that he was an hour away from making a decision on attacking Iran today.
He added that Iranian leaders are begging to make a deal with the U.S., while warning that the United States would hit Iran with new strikes in the coming days if a deal is not reached.
“There's no question in my mind that they'd use it, there's no question, and I deal with these people. They're extremely radicalized,” he told reporters at the White House.
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Trump warned that Iran would have struck countries all over the Middle East if it were to obtain a nuclear weapon.
“If they had a nuclear weapon, they’d start with Israel… they’d blow it up… and I’ll tell you what, they’d go after Saudi Arabia, they’d go after Kuwait, they’d go after UAE, they’d go after Qatar… I think they’d go after the entire Middle East. It would be a whole different negotiation… it would be a nuclear holocaust,” he said.
Trump added that while he has no doubt that Iran would use nuclear weapons, the only question is whether it would do so within the first minute, hour, or day.
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Meanwhile, Treasury Secretary Scott Bessent on Tuesday called on world leaders at the Group of Seven (G7) summit in Paris to help the U.S. attack Iran’s finances.
“If you share our fury about Iran’s destabilizing agenda, terrorists seeking to hold the global economy hostage, drug cartels poisoning our communities, and threats to innocent lives, then now is the time to join the United States in moving aggressively,” he said in prepared remarks.
He also claimed that no U.S. adversary has suffered more from Washington’s economic “statecraft” than Iran.
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Crude oil prices continued to hover above $100 a barrel amid the ongoing Iran conflict. U.S. West Texas Intermediate (WTI) futures expiring in June fell about 1% to hover around $104 a barrel. Brent crude futures expiring in July were down 1%, at $111 a barrel.
The United States Oil Fund ETF (USO) and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) were up about 2% at the time of writing.
Meanwhile, U.S. equities declined in Tuesday morning’s trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.72%; the Invesco QQQ Trust ETF (QQQ) fell 0.92%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 0.44%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘extremely bullish’ territory.
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