International Oil Prices Top $100 After Two Months... Government Vows "Thorough Preparation" (Comprehensive)
Trump: "Preparations for Large-Scale Attack on Iran"
International Oil Prices Surge for Fifth Consecutive Session
U.S. President Donald Trump announced that the United States has completed preparations for a large-scale attack on Iran. Amid escalating concerns that the conflict could expand into a ground war, the price of Brent crude oil, the international benchmark, surpassed $100 per barrel for the first time in two months. Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol stated, "Since challenges may arise concerning prices and supply chains, we will remain highly alert and thoroughly prepared."
On July 23 (local time), President Trump told Axios in an interview, "We are considering a large-scale strike against Iran. This would be a bigger attack than ever before," adding, "I am on the verge of making a decision. We have completed all preparations." He further warned, "Iran wants negotiations, but they are not yet ready to reach an agreement. They have not suffered enough yet."
On the same day, U.S. forces continued airstrikes against Iran for the 13th consecutive day. Additionally, the U.S. military has been continuously deploying air power, including strategic bombers, troops, and medical personnel to the Middle East. Axios reported, "President Trump's remarks signal an attack of greater magnitude than limited airstrikes, and even larger than the all-out 'Epic Fury' operation against Iran at the end of February."
President Trump also held Iran responsible for the pro-Iranian Houthi rebels' attacks on ships in the Red Sea and warned that compensation for damages to the vessels would come from Iran's frozen assets. Through the social media platform Truth Social, he stated, "If they commit these acts (attacks on commercial vessels) again, the United States will hold Iran accountable, as the Houthis are an Iranian proxy," making it clear that "from this point and until further notice, any damages to ships, cargo, or related losses will be compensated with Iran's frozen assets."
Amid concerns that the U.S. offensive against Iran could intensify, international oil prices soared for a fifth straight trading day. West Texas Intermediate (WTI) for September delivery surged 6.17% from the previous session to $92.19 per barrel, while North Sea Brent crude for September jumped 7.04% to $100.69 per barrel compared to the previous day. This is the first time since May 22 that the closing price of Brent crude exceeded the $100 mark in about two months.
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On July 24, Deputy Prime Minister Koo said at a meeting of the Special Task Force on Livelihood Prices held at the Government Complex Seoul, "The domestic gross domestic product (GDP) growth rate for the second quarter rose by 0.6% compared to the previous quarter, following the momentum of the first quarter (1.8%). However, with tensions in the Middle East escalating again, international oil prices have risen, and market volatility has increased. Since challenges may arise regarding prices and supply chains, we will remain highly alert and be thoroughly prepared."
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