Oil prices surge as Trump signals prolonged Iran war

Global oil prices jumped sharply on Thursday after Donald Trump said the United States would continue military strikes against Iran without giving a clear timeline to end the war.

Brent crude rose by $6.33, or 6.3%, to $107.49 per barrel, while US West Texas Intermediate (WTI) increased by $5.28, or 5.3%, to $105.40. The rise came after initial declines earlier in the day, as markets reacted to uncertainty following Trump’s televised address.

In his speech, Trump said the US was “very close” to completing its military objectives and suggested the conflict could end within two to three weeks. However, he did not outline any clear ceasefire plan or diplomatic path.

Analysts say the lack of clarity has unsettled markets. Investors fear prolonged disruption to global oil supply, especially as tensions rise in key shipping routes.

The situation has worsened after an oil tanker leased to QatarEnergy was struck by an Iranian missile in regional waters, raising concerns over maritime security.

The conflict has also disrupted the Strait of Hormuz, a vital route through which around 20% of the world’s oil supply passes. Iran has effectively blocked the strait, keeping energy markets volatile.

The International Energy Agency warned that supply disruptions could start affecting Europe’s economy from April, as earlier contracted shipments begin to run out.

Market experts noted that without a clear ceasefire or de-escalation plan, oil prices could rise further if tensions intensify.

Following Trump’s speech, global markets reacted negatively. Oil prices climbed above $106 per barrel, while stock markets in Asia fell, reflecting concerns among countries heavily dependent on Middle Eastern oil.