Global oil prices surged on Friday as the conflict in West Asia intensified, pushing benchmark crude above the $90 mark amid fears of further supply disruptions.
The Brent North Sea crude, the international oil benchmark, rose more than 5% to $90.25 per barrel, its highest level since April 2024, AFP reported.
The US benchmark West Texas Intermediate (WTI) climbed even more sharply, advancing 8.1% to $87.56 per barrel.
Meanwhile, US President Donald Trump on Friday said the only acceptable outcome to end the ongoing conflict with Iran would be the country’s “unconditional surrender,” while also promising economic rebuilding if Tehran agrees to install new leadership.
"There will be no deal with Iran except UNCONDITIONAL SURRENDER," Trump wrote on his Truth Social platform.
His remarks came as Israel carried out strikes on regime targets in Tehran and Hezbollah positions in Beirut, while US Defense Secretary Pete Hegseth said American strikes against Iran were “about to surge dramatically.”
Trump said that if the Islamic Republic capitulates, the United States and its allies would help rebuild Iran’s economy, bringing the country “back from the brink of destruction, making it economically bigger, better, and stronger than ever before.”
However, he said such support would depend on the installation of what he described as “a GREAT & ACCEPTABLE Leader(s).”
The US president ended the post with a new slogan — “MAKE IRAN GREAT AGAIN (MIGA!)” — a play on his well-known “Make America Great Again” political slogan.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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