Oil prices rally as Trump escalates threats against Iran, OPEC output hits 25-year lows, and falling inventories support a bullish crude oil outlook.
President Donald Trump said on television that the United States hit Iran hard yesterday and would “hit them hard again today.” OPEC production just fell to its lowest level since 2000. Rystad Energy estimates 11.8 million barrels per day of Gulf production is offline with cumulative losses already at 1 billion barrels.