By Adedapo Adesanya
Crude oil prices may experience rise this week as the United States says it plans to deploy military forces to the Middle East following the September 14, 2019 attacks on Saudi oil facilities.
The attacks on the facilities by Yemeni Houthi rebels saw prices of major oil futures rise by almost 20 percent with the International benchmark, Brent Crude trading as high as $70 per barrel.
Following this, the US President, Mr Donald Trump, blamed the attacks on Iran and hit the Gulf nation with a sanction but the Middle East country has since denied its involvement and has promised retaliatory measures.
This has not deterred the Trump administration as the US Secretary of Defence, Mark Esper said at a press conference on Friday that the US forces will be defensive in nature and will focus on air and missile defense.
“The president has approved the deployment of U.S. forces which will be defensive in nature and primarily focused on air and missile defense,” Mr Esper revealed.
Mr Esper, however, clarified that this line of action was a last resort, “as the president has made clear, the United States does not seek conflict with Iran.”
“That said we have many other military options available should they be necessary,” he added.
The extra troops would help “ensure the support free flow or resources necessary to support the global economy,” Mr Esper said.
Iran’s Revolutionary Guard then responded on Saturday, with its chief commander, General Hossein Salami, saying it was ready for combat and “any scenario.”
General Salami, at a ceremony displaying pieces of an American drone Iran shot down in June, said that his forces have carried out “war exercises and are ready for any scenario.”
He added: “If anyone crosses our borders, we will hit them.”
As at Friday, Business Post reported that the Brent Crude price was trading down at $63.20 while the US West Texas Intermediate (WTI) price was quoted at $58.09.
Dipo Olowookere