U.S. crude oil hits $100 for the first time since May

The price of oil surged again on Thursday, with Brent crude surpassing $105 per barrel for the first time since May, as markets brace for a prolonged U.S. war with Iran.

U.S. crude oil also jumped sharply and hit $100 per barrel, also its highest level since mid-May.

A primary driver of the move in oil prices was President Donald Trump’s comment Wednesday night that he is not looking for a deal with Iran. Trump also said that he did not expect oil prices to fall until “right after” the November midterm elections, despite having said for months that the war would be over quickly.

“Right after the election, oil prices are going to be tumbling downward,” Trump told reporters on Wednesday afternoon. “They’re going to be tumbling down, and we’ll get them down.”

Commodities experts warned earlier this week that oil prices as measured by Brent could rise to $120 or even as high as $150 per barrel if the stalemate with Iran continues to drag on.

Overnight, Saudi Arabia informed OPEC that its crude oil output plunged to the lowest level since 1990 last month due to renewed hostilities with Iran, according to Bloomberg News.

NBC News was…

Original source: https://www.nbcnews.com/business