President Trump’s statements that the U.S. is “locked and loaded” to retaliate against those responsible for the attack on one of the world’s largest oil fields is adding to the dramatic climb in oil prices, market analysts said
President Donald Trump’s statements on Twitter that the U.S. is “locked and loaded” to retaliate against those responsible for the attack on one of the world’s largest oil fields is adding to the dramatic climb in oil prices, market analysts said Monday.late Sunday and a weekend drone attack on Saudi Arabia’s massive oil facilities in Abqaiq and Khurais.
Additional tension in the region would cause prices to jump even higher, but the market has not yet priced-in the possibility of a war with Iran, whom Secretary of State Mike Pompeo has blamed for the attack. Congress would have to declare war, and House Democrats are urging the Trump administration to pursue a diplomatic solution, blaming the increased tensions in the region in part on the president's decision to exit the nuclear deal with Iran.
Many analysts are convinced that Trump will not proceed with any large-scale confrontation, said Pavel Molchanov, oil analyst at Raymond James. “The consensus view is that this administration does not want to have the massive economic dislocation that could result from an actual military confrontation, including, for example, a blockade of the Strait of Hormuz,” Molchanov said. “Bolton’s dismissal last week points in that same direction.”
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