Crude oil climbed toward $80 per barrel on Wednesday, advancing for a third consecutive session after President Donald Trump threatened additional military strikes on Iran after reinstating a US blockade against Tehran in the Strait of Hormuz.
Trump said military operations would continue and warned that the US could target Iranian power plants and bridges next week unless Tehran returns to the negotiating table.
Meanwhile, he dropped plans to impose a 20% fee on cargo transiting the Strait of Hormuz, saying any forgone revenue would be more than compensated by future investments from Gulf nations into the US. Oil prices have rallied this week as renewed tensions between Washington and Tehran heightened supply concerns, adding fresh uncertainty after Persian Gulf producers increased exports following the signing of the interim peace agreement.