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      Trump threat to ‘blow up’ Iran fails to drive up oil prices

      US president Donald Trump has again threatened to “blow up” Iran as Tehran considered Washington’s response to its conditional peace plan on Wednesday.

      Last week Iran submitted a seven-day conditional proposal to reopen the Strait of Hormuz to Washington via Qatar at the UN General Assembly.

      The US-Iran war entered its seventh month this week as Washington withdrew all US troops from neighbouring Iraq following the 2003 invasion.

      Iranian government spokesperson Fatemeh Mohajerani said the US proposal had been presented to President Masoud Pezeshkian, the state-run IRNA news agency reported.

      No further details were shared.

      Trump nevertheless reiterated his threat to “blow up” Iran if a peace deal was not reached.

      “Time is coming … it’s going to end very soon,” he said in a social media post.

      Trump said this week that he has not offered Iran sanctions relief or the release of frozen funds.

      Qatar has been mediating between Washington and Tehran to end the conflict and reopen the strait.

      Further reading:

      Despite the rhetoric, Brent crude futures fell 0.4 percent to $97.67 a barrel at 03:00 GMT, while WTI fell 0.5 percent to $89.95 a barrel.

      Brent rose about 14 percent in September, its biggest monthly gain since July, while WTI rose about 5 percent.

      More than 1 billion barrels of oil have passed through the strait in recent months, the US Central Command said on social media.

      Saudi Arabia’s crude exports have reached their highest level since the Iran war, following the reopening of the East-West pipeline.

      Most Gulf equity markets ended Wednesday lower. Dubai’s stock index fell 0.5 percent, while Abu Dhabi’s closed 0.6 percent down. Saudi Arabia’s benchmark index fell 0.1 percent. Qatar, Oman and Kuwait also closed lower, while Bahrain edged up.


      Source: AGBI
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