Oil Prices Down Despite the Return of Trump’s Maximum Pressure Campaign on Iran

Oil Prices Down Despite the Return of Trump’s Maximum Pressure Campaign on Iran | OilPrice.com

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Breaking News:

ByIrina Slav– Feb 05, 2025, 1:08 AM CST

Crude oil prices started trade today with a dip despite the latest news around President Donald Trump who on Tuesday confirmed he would be returning to a maximum pressure approach to Iran, aiming to reduce its oil exports to zero, and said he wants the U.S. to take over the Gaza Strip and develop it.

In mid-morning trade in Asia, Brent crude was trading at $75.80 per barrel with West Texas Intermediate at $72.40 per barrel.

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Prices had spiked on Tuesday temporarily following the maximum pressure news but later retreated after China said it would impose retaliatory tariffs on U.S. energy imports, including a 10% tariff on crude oil imports.

The U.S. president said on Tuesday that he would once again seek to reduce Iranian oil exports to zero in a bid to prevent Tehran from developing its own nuclear weapon. “With me, it’s very simple: Iran cannot have a nuclear weapon,” Trump said ahead of a joint press conference with Israeli Prime Minister Benjamin Netanyahu—the first foreign head of state to visit with Trump after his inauguration.

It was at this press conference that Trump broke the news that he wants the United States to take over the Gaza Strip and develop it economically after the resettlement of all Palestinians from the area.

“The U.S. will take over the Gaza Strip, and we will do a job with it, too,” Trump said Tuesday evening during a joint press conference with Israeli Prime Minister Benjamin Netanyahu. “We’ll own it and be responsible for dismantling all of the dangerous, unexplored bombs and other weapons on the site,” Trump said as quoted by Fox News.

“Level the site and get rid of the destroyed buildings, level it out, create an economic development that will supply unlimited numbers of jobs and housing for the people of the area,” the U.S. president continued. “Do a real job. Do something different. Just can’t go back. If you go back, it’s going to end up the same way it has for 100 years.”

By Irina Slav for Oilprice.com

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