te Trump's threatening tweet to Iran a ploy to arrest oil price fall, Anil Singhvi says | Zee Business

Trump's threatening tweet to Iran a ploy to arrest oil price fall, Anil Singhvi says

US President Donald Trump threatening to shoot down Iranian gunboats is indicative of his attempts to arrest the fall in crude oil prices, Zee Business Managing Editor Anil Singhvi opines

Trump's threatening tweet to Iran a ploy to arrest oil price fall, Anil Singhvi says
Trump is employing every strategy in his book to save oil from a further fall even if it is through social media threats, Anil Singhvi says

US President Donald Trump threatening to shoot down Iranian gunboats is indicative of his attempts to arrest the fall in crude oil prices, Zee Business Managing Editor Anil Singhvi opines. Trump who is also a businessman knows how to protect businesses in times of crisis and the current announcement points in that direction, Singhvi said.

“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Trump had tweeted.

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Singhvi said that Trump is employing every strategy in his book to save oil from a further fall even if it is through social media threats.

The storage capacity cannot be built overnight by any nation and for this reason the Trump administrations has been trying hard to prevent sentiments from weakening further. This is just one-off attempt to prevent a further fall in crude oil price, Singhvi says.

People should not take away more from this as it is unlikely that Iran will pose any threat to the US ships, he says adding that even Trump would not bomb Iranian boats.

He also said that it was upon investors how they saw the crude oil price rise - a USD 2 rise or a 10 per cent rise. Singhvi says that he sees a USD 2 price appreciation as a USD 2 rise.

He does not see this tweet as a factor that could lead to a significant rise in crude oil prices.

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Brent crude is trading around USD 21 today while WTI crude around USD 14.

Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Thu, Apr 23, 2020
05:21 pm
new delhi, ZeeBiz WebDesk
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