International oil prices rose sharply on March 30 amid expectations of an escalation of the conflict in the Middle East. Light, sweet crude for may delivery rose $3.24, or 3.25 percent, to settle at $102.88 a barrel on the New York Mercantile Exchange London Brent crude for may delivery rose 21 cents, or 0.19 per cent, to settle at $112.78 a barrel.
On the same day, U. S. President Donald Trump said that if Iran fails to accept the peace agreement and reopen the Strait of Hormuz as soon as possible, the U. S. will destroy Iran’s oil hub Khark Island and oil wells, power facilities. Trump also revealed that the US and Iran were currently engaged in“Serious negotiations”, but warned of military strikes on iranian-related infrastructure if the talks broke down. There are fears that if the situation deteriorates further, energy supplies could be hit harder. (Liu Xiaoqian)