Crude prices rebounded Wednesday after President Trump said on Twitter that he had instructed the U.S. Navy to destroy Iranian gunboats “if they harass our ships at sea.”
Brent crude futures, the global benchmark for oil markets, climbed 6.3% to $20.55 a barrel in volatile trading, after sliding to their lowest since 1999 in Asian trading hours. West Texas Intermediate futures—the U.S. benchmark—rose 17.3% to $13.59 a barrel, after plummeting 43% Tuesday to close at its lowest price in 21 years.
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