Brent crude climbed past the $80-a-barrel mark on Wednesday, even as US President Donald Trump insisted that oil prices would "come down very big" while addressing reporters on the sidelines of the NATO Summit in Ankara.
Brent futures peaked to $80.06 a barrel, up about 8%, as investors weighed fresh geopolitical risks in the Middle East after renewed tensions involving the United States and Iran.
Responding to questions on rising crude prices, Trump said that "anytime we hit Iran, oil goes up. It's alright," suggesting that the market reaction was expected.
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However, he maintained that prices would eventually ease, adding, "Oil is coming down very big."
Trump also made a series of remarks on regional security, saying he believes Israel will withdraw its troops from southern Lebanon.
He disclosed that he had discussed the issue with Israeli Prime Minister Benjamin Netanyahu during recent talks.
On Iran's nuclear programme, Trump asserted that "nobody is able to get Iran uranium except us," while declining to elaborate on possible military plans.
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Asked whether the United States was considering deploying ground troops in Iran, he responded, "Why would I do that?"
The comments came as energy markets remained on edge over the possibility of further disruptions to oil supplies from the region.
Traders have been closely monitoring developments involving Iran, a key producer in the Middle East, with concerns that any escalation could affect production, exports, or shipping routes.
Despite Trump's confidence that crude prices will retreat, the immediate market reaction remained bullish, with Brent hovering just below the psychologically important $80-a-barrel level as geopolitical uncertainty continued to support oil prices.
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