Brent and WTI crude climb over 4% after Trump signals no immediate end to conflict
Oil prices surged after President Donald Trump pledged continued U.S. military action against Iran, targeting energy and oil sites and giving no indication of a ceasefire.
In response to this, Brent crude futures jumped $4.88, or 4.8%, to $106.04 a barrel by 0200 GMT. U.S.
West Texas Intermediate also rose by $4.17, or 4.2%, to $104.29. Earlier, both benchmarks had slipped more than $1 ahead of Trump’s televised address, but the rally reversed those losses.
Further amplifying uncertainty, Trump, speaking to the nation, said the U.S. military was “very close” to completing its objectives in the war with Iran.
“We are going to finish the job, and we’re going to finish it very fast,” he declared, though he offered no specific timeline for an end to hostilities.
The conflict has already heightened risks for maritime traffic in the Gulf. On Wednesday, Qatar’s defence ministry reported that an oil tanker leased to QatarEnergy was struck by an Iranian cruise missile in Qatari waters, underscoring the growing dangers to shipping lanes.
Amid these developments, energy officials warn the fallout could spread quickly.
Fatih Birol, head of the International Energy Agency, cautioned that Europe’s economy may begin to feel the pinch from supply disruptions as early as April, once pre-war cargo contracts run their course.
Given the heightened uncertainty and ongoing conflict, traders are bracing for further volatility, with oil prices likely to remain sensitive to both battlefield developments and political signals from Washington.
