As fighting raged Friday, hopes for a peace deal between the U.S. and Iran faded and crude oil prices jumped nearly 6% on the day.
While President Trump offered another ten days for Iran to reach a peace deal, Iran on Friday claimed Israel hit some of its steel factories, a power plant and nuclear sites.
“Israel has hit 2 of Iran’s largest steel factories, a power plant and civilian nuclear sites among other infrastructure. Israel claims it acted in coordination with the U.S.,” Iranian foreign minister Abbas Araghchi said on social media reported Reuters.
“Attack contradicts POTUS extended deadline for diplomacy. Iran will exact HEAVY price for Israeli crimes,” Araghchi added. The White House gave Iran until April 6 to reopen the Strait of Hormuz.
Brent crude overseas gained $6.20 or 5.74% per barrel to close at $114.20.
West Texas Intermediate crude, the U.S. benchmark, rose $6.33 or 6.70% to close at $100.80 per barrel on the New York Mercantile Exchange.
The reopening of the Strait of Hormuz gained more worldwide attention at a European meeting of the Group of 7 nations in France. But the calls of the White House for international aid to help unblock the strait have been largely rebuffed.