International oil prices rose sharply after U.S. President Donald Trump said in a media interview on Friday that the U.S. military would continue to launch massive airstrikes against Iran next week.
Trump's remarks heightened tensions in the Middle East and fueled market concerns over disruptions to global energy supplies.
The West Texas Intermediate for April delivery increased by 2.98 U.S. dollars, or 3.11 percent, to settle at 98.71 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude futures for May delivery gained 2.68 dollars, or 2.67 percent, to settle at 103.14 U.S. dollars a barrel on the London ICE Futures Exchange.
Crude futures settle higher amid U.S. threat of continued massive airstrikes on Iran
Military targets in Iran's Kharg Island have been "totally obliterated" in the latest U.S. bombing raids, U.S. President Donald Trump said Friday on Truth Social.
"Moments ago, at my direction, the United States Central Command executed one of the most powerful bombing raids in the History of the Middle East, and totally obliterated every MILITARY target in Iran's crown jewel, Kharg Island," the president wrote in the post.
He added that he had "chosen NOT to wipe out the Oil Infrastructure on the Island."
"However, should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision," Trump wrote.
A spokesman from the Iranian Khatam al-Anbiya Central Headquarters warned on Saturday local time that the "smallest attack on the energy infrastructure and ports" will trigger a "crushing and devastating response".
"In the event of such aggression, all oil and gas infrastructure in the region in which the U.S. and its Western allies are stakeholders will be set on fire and destroyed," he said.
Located about 24 kilometers off the coast of Iran in the Gulf, Kharg Island serves as the export terminal for 90 percent of Iran's oil shipments.
U.S. carries out bombing raids on military targets in Iran's Kharg Island: Trump
U.S. carries out bombing raids on military targets in Iran's Kharg Island: Trump
