U.S. West Texas Intermediate (WTI) crude futures maturing in May traded 3% higher at nearly $97 a barrel, and Brent crude futures expiring in May increased 2% at $102 a barrel.
White House National Economic Council Director Kevin Hassett reportedly said on Tuesday that ending the conflict with Iran will likely push crude oil prices higher in the short term as markets factor in added risk and highlighted that heightened geopolitical uncertainty could sustain a “risk premium.”
“You got to understand that there’s going to be an incredible risk premium for ending the terrorism of the Iranians.”
— Kevin Hassett, Director, National Economic Council
Hassett added that recent military developments involving Iran suggest a swift resolution may be approaching. Hassett stated that U.S. actions have significantly weakened Iran’s military capabilities, adding that the conflict appears to be nearing an end faster than initially anticipated.
At the time of writing, U.S. West Texas Intermediate (WTI) crude futures maturing in May traded 3% higher at nearly $97 a barrel, and Brent crude futures expiring in May increased 2% at $102 a barrel.
Get updates to this developing story directly on Stocktwits.<
