6/20, 4:35 PM (Source: TeleTrader)
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WTI surges 5% as Trump slams Iran over drone incident

Oil futures extended gains on Thursday with West Texas Intermediate (WTI) soaring over 5% and hitting a three-week high amid rising tensions between the United States and Iran.

The latest surge comes after US President Donald Trump claimed Iran made a "very big mistake" by downing an American drone earlier in the day. Tehran stated it shot down the unmanned US aircraft because it had entered its airspace, which the US denied.

WTI for deliveries in August rallied 5.06% to sell for $56.71 per barrel at 10:22 am ET, while Brent for settlements in August jumped 3.87% to go for $64.24 per barrel at 10:24 am ET.

Breaking the News / NP