Global oil prices fell Tuesday evening after Donald Trump warned Iran not to block the critical global energy supply route through the Strait of Hormuz.
In a message posted on social media, Trump issued a strong warning to Tehran, saying the United States would respond forcefully if Iran attempted to disrupt the flow of oil through the strategic waterway.
“If Iran does anything to stop the flow of oil through the Strait of Hormuz, they will be hit by the United States twenty times harder than they have ever been hit before,” Trump wrote.
Following the statement, crude oil prices dropped significantly in Asian markets. Crude oil fell by about 6.5 percent, declining from $92.46 to $88.15 per barrel.
Just a day earlier, prices had surged to nearly $120 per barrel amid fears that tensions in the Middle East could escalate and disrupt global energy supplies.
However, the market reaction shifted after Trump suggested that the current conflict might be short-lived.
Speaking at a press conference in Florida, the U.S. president said the military action was launched because Washington believed it was necessary to eliminate a major threat, but indicated that the situation may not last long.
“We started this excursion because we felt we had to do something to get rid of a certain devil. But I think you’re seeing it will be short-lived,” Trump said.
It remains unclear how the drop in global oil prices will affect fuel costs in Kosovo, where petrol prices have recently reached around €1.50 per liter.
