Brent crude, a benchmark for Colombia, advances more than 2% and already exceeds 87 dollars a barrel
President Donald Trump could now rule out the Treasury Department trading oil futures. Photo: iStock
TL;DR
- Brent crude for May delivery rose over 2% to surpass $87 per barrel.
- The increase occurred despite an initial slight fall at the opening.
- Reports indicate President Donald Trump may halt Treasury Department involvement in oil futures trading.
- The US administration is seeking measures to control rising energy prices due to the Middle East conflict.
- Brent crude had previously surged nearly 5%, reaching its highest levels since July 2024.
- The market remains uncertain about the duration and escalation of the war and potential supply disruptions.
- Trump announced imminent government measures to control crude oil prices.
- The US DFC will offer insurance and guarantees against political risks for shipping companies navigating the Strait of Hormuz.
- The Strait of Hormuz is a critical chokepoint, handling 20% of global crude oil.
- The US may offer military escorts to vessels in the region.