Trump accuses Iran of fabricating the Hormuz Strait attack; oil prices break through $113; Tehran warns the United States
Donald Trump accuses Iran of fabricating ship attacks and mine laying incidents to drive up oil prices.
Iran warns that if merchant ships continue to use the US-backed corridor in southern Oman, it may attack US military bases in the region.
As tensions in the Middle East escalated, Bitcoin fell by nearly 4% within 24 hours, dropping to a low of $81,273.
As tensions between the United States and Iran over the Strait of Hormuz intensify, oil prices have risen by more than 4%, breaking through $113 per barrel. U.S. President Donald Trump accused Tehran of fabricating attacks and mine incidents ahead of the mid-term elections on November 3 in an attempt to drive up oil prices.
Trump's statement stems from Iran's previous warning that if the vessels continue to pass through, they may strike American bases.
Trump claims Iran fabricates attacks to drive up oil prices
Trump posted on Truth Social that Iran is fabricating reports of attacks on ships and the presence of sea mines in an attempt to drive up oil prices before the U.S. midterms.
"Iran is doing its best to drive up oil prices before the U.S. mid-term elections."
He added that Iran is "fabricating false attacks, mines, and everything else." Trump also reiterated that Iran will not be allowed to acquire nuclear weapons. However, reports of oil tanker fires and mine laying incidents have increased uncertainty about the real security situation in the region.
He also stated that before and after the conflict, more oil passed through the Strait of Hormuz than before, challenging claims of a reduction in oil supply. During the same period, the average daily exports of crude oil from the Persian Gulf were about 24 million barrels.
Iran threatens U.S. bases; attack on oil tanker triggers alert
Iran has issued a warning that if merchant ships continue to use the US-backed corridor in southern Oman to pass through the Strait of Hormuz, it will strike US bases in the region.
Previously, the Navy of the Iranian Revolutionary Guards stated that they had attacked four oil tankers engaged in ship-to-ship crude oil transfer in the northern Persian Gulf, resulting in all four vessels catching fire. Iran also reported that three other ships had hit mines in the western part of the strait.
In response to this, Trump stated that the United States has not been in negotiations with Iran and said that something might happen "soon."
He warned again that "something might happen very soon."
Oil prices break through $113, increasing risks in the Middle East
After the release of this news, Brent crude oil prices rose by more than 3.9%, reaching above $113 per barrel and setting a five-month high.
Concerns also arise from reports of drone and missile attacks launched by Houthi forces, supported by Iran, against a civilian airport in Daman and an Saudi Aramco oil field, forcing staff to evacuate.
The United States also ordered diplomats and staff to leave some of their installations in Saudi Arabia, which has exacerbated concerns from the outside world about rising inflation and future central bank decisions.
The impact is not limited to crude oil. As investors reacted to the rising geopolitical risks, Bitcoin fell by nearly 4% within 24 hours, hitting a low of $81,273.
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