Middle East crisis Oil market

Trump: Will Bomb the Shit Out of the Coast and Open Hormuz

Donald Trump is appealing to countries to send ships to the Strait of Hormuz to work with the United States to keep the passage open and safe. The president writes on Truth Social.

“Hopefully, China, France, Japan, South Korea, the United Kingdom and others affected by this artificial restriction will send ships to the area.”

Trump writes that the United States will simultaneously “bomb the shit out of the coastline” and continue to sink Iranian boats and ships.

“One way or another, we will soon have the Strait of Hormuz open, safe and free!”

Warns of continued oil rally: “No signs of slowing down”

The Trump administration’s decision to attack Iran has triggered a new and potentially long-lasting shock to the global economy. The soaring oil price, which has pressured the stock markets, risks rising further if the war continues to disrupt the flow through the key passageway, the Strait of Hormuz, writes Bloomberg.

– The conflict in the Middle East shows no signs of abating, which has caused oil prices to surge, says Miller Tabak's chief strategist Matt Maley.

Governments and central banks are preparing measures to deal with the rising energy and commodity prices, which could push up inflation and weigh on global growth. 

Analyst warns: The attack could have incredible consequences

The US bombing of Iran's oil island of Kharg could affect the energy market and ultimately drive up the prices of gasoline and diesel, says Handelsbanken's commodities analyst Christian Kopfer.

– It could have incredible consequences, he tells TT

Kopfer warns that Iran could respond by striking oil infrastructure in the region, for example in Saudi Arabia. Such a scenario or attacks on refineries could have major energy policy effects globally.

United Arab Emirates threatened after attack on Kharg Island

Iran says it may target US targets in the United Arab Emirates, Reuters reports. The statement comes after the US attack on the oil island of Kharg.

Earlier on Saturday, parts of a downed Iranian drone hit an oil facility in Fujairah in the United Arab Emirates. A fire broke out, but no one is reported to have died, according to the AP.

A spokesman for Iran's Revolutionary Guard is now urging civilians in the United Arab Emirates to evacuate ports and "American hideouts", which he claims the US has used to bomb Iranian islands.

Nine ballistic missiles and 33 drones have been fired at the United Arab Emirates from Iran during the day, according to the Emirati Ministry of Defense.