Oil Prices Surge Following Trump's Remarks on Iran Ceasefire

Former U.S. President Donald Trump stated during an interview aboard the presidential aircraft Air Force One that he initially did not support a ceasefire between the United States and Iran, claiming it was done "at the request of other countries."

Trump explained that the U.S.-Iran ceasefire was agreed upon "at the request of other countries." He remarked, "I was not in favor of it originally, but we agreed to a ceasefire as a favor to Pakistan, which consists of great people."

Additionally, Trump described the proposals put forward by Iran as "unacceptable," stating, "If I don't like the first sentence, I throw it away." He further warned, "If they [Iran] possess any form of nuclear weapon, I won't read the rest."

Trump also issued a threat to destroy Iran's infrastructure, asserting, "We could take out their bridges and power facilities; within two days, we could cripple the entire system."

On May 16, international crude oil futures settled significantly higher. The WTI crude June contract rose by 4.2% to $105.42 per barrel, marking a weekly increase of 10.48%. The Brent crude July contract increased by 3.35% to $109.26 per barrel, recording a weekly gain of 7.87%.

In response, Iranian Foreign Minister Hossein Amir-Abdollahian stated that Iran is not seeking to develop nuclear weapons and emphasized that the Strait of Hormuz should be jointly managed by Iran and Oman.

Amir-Abdollahian clarified that the Strait of Hormuz remains open to all vessels, except those from hostile nations. He noted that passage for ships from other countries "only requires coordination with the Iranian military."

Regarding international relations, the Iranian Foreign Minister highlighted during a press conference following the BRICS Foreign Ministers' Meeting that Iran enjoys excellent relations with China. He acknowledged China's assistance in facilitating the restoration of diplomatic ties between Iran and Saudi Arabia, expressing Iran's appreciation for China's consistent goodwill and welcoming any efforts by China to seek a diplomatic resolution to the current situation.

A spokesperson for the Chinese Foreign Ministry reiterated China's clear stance on the Iran situation, emphasizing that since the onset of the conflict, China has been actively working to halt hostilities and promote peace. China maintains that dialogue and negotiation are the correct path forward, and that military solutions are not viable.