Middle East Tensions Influence Oil Prices, Trump Predicts Short-Term Impact

Oil prices have been driven up by ongoing tensions in the Middle East. According to RTHK, U.S. President Donald Trump stated that the increase in oil prices is only slight and is expected to be a short-term phenomenon, predicting a return to lower prices soon. He also mentioned having a plan to ensure the safety of the Strait of Hormuz. In an interview with U.S. media, Trump revealed that since the conflict began last Saturday, the United States has sunk 25 Iranian vessels, significantly impacting Iran's navy. When asked about the possibility of accepting a new religious leader to take over Iran's leadership, Trump said it depends on the individual, expressing no objection to a religious leader as long as they are fair, competent, and treat the U.S., Israel, and other Middle Eastern countries well. An Iranian military spokesperson reiterated that the Strait of Hormuz remains under Iranian control and will not be closed. However, vessels associated with the United States or Israel are prohibited from passing through.