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Oil climbs above $116 after Trump says he wants to ‘take the oil’ in Iran
Oil prices rose Monday, with Brent crude crossing $116 a barrel, after comments by US President Donald Trump sparked fears that the Middle East conflict may escalate further.
Brent crude, the global oil benchmark, rose to $116.5 a barrel before paring those gains to trade just above $115, 2.3% up on the day. WTI, the US benchmark, climbed 1.4% to $101 a barrel.
Trump told the Financial Times in an interview published Sunday that he wants to “take the oil in Iran†and could seize Kharg Island, which handles about 90% of the country’s oil exports. He compared the potential move to US operations in Venezuela, according to the FT, where the United States intends to control the oil industry “indefinitely†following its capture of authoritarian leader Nicolás Maduro in January.
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