The price of oil jumped sharply Monday after President Donald Trump cast doubt on another deal with Iran to extend the expiring ceasefire.
\n\n“They want to make a deal, but they’re not going to make the kind of a deal that I feel is necessary,” Trump said in the Oval Office.
\n\nShortly after Trump’s comments, international oil benchmark Brent jumped above $91 per barrel. It closed the trading session up 2.65% at $90.87.
\n\nU.S. crude oil also sharply rose by 2.5% to close at $84.50 per barrel. The moves higher came after generally flat trading throughout the day, until Trump began speaking.
\n\nTreasury yields also moved toward the highest levels of the day after Trump’s comments. The 10-year yield, which plays a major role in guiding consumer borrowing rates, rose to 4.72%.
\n\nThe 30-year U.S. government bond yield rose above 5.3% to its highest level since June 2007.
\n\nStock indexes, which were already lower on the day, extended their declines slightly. The S&P 500 ended the day down 0.5%, while the Nasdaq closed lower by about 0.3%.
\n\nIn the Oval Office event, Trump also contended that U.S. forces “control” the critical Strait of Hormuz.
\n\n“We control it with the blockade…
Original source: https://www.nbcnews.com/