Oil jumps nearly 7% after Trump says US to keep up attacks on Iran

International

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Oil prices climbed nearly 7% on Thursday, as President Donald Trump said the United States would keep up attacks on Iran ​without committing to a specific timeline to end the war, fanning ‌investor fears about sustained disruptions to supply.

Brent crude futures rose $6.84, or 6.8%, to $108 per barrel by 0643 GMT. U.S. West Texas Intermediate crude futures were up $6.40, or ​6.4%, to $106.52 per barrel.

The gains followed an earlier fall of ​more than $1 in both benchmarks before Trump’s televised speech ⁠to the nation, after having settled lower in the previous session.

“We ​are going to finish the job, and we’re going to finish it ​very fast. We’re getting very close,” Trump said, adding that the U.S. military had nearly achieved its goals in the conflict, which would end in two to ​three weeks, but giving no specifics.

Markets are reacting to the fact ​that “no clear mention of ceasefire or diplomatic engagement” featured in the speech, said Priyanka ‌Sachdeva, ⁠senior market analyst at Phillip Nova.

“If tensions intensify or maritime risks increase, oil could test fresh highs as markets price in potential supply disruptions.”

Threats to maritime traffic have grown as the regional conflict intensifies. On ​Wednesday, an oil ​tanker leased to ⁠QatarEnergy was hit by an Iranian cruise missile in Qatari waters, its defence ministry said.

The head of the International ​Energy Agency also cautioned that supply disruptions would start ​to ⁠affect Europe’s economy in April. The continent had previously been shielded by cargoes contracted before the start of the war.

“Without any mention of a solid ⁠ceasefire ​plan or material off-ramp, markets are ​left continuing to digest the administration’s statements,” said Claudio Galimberti, Rystad Energy’s chief economist.

1. Why did oil prices rise nearly 7%?

Oil prices surged after Donald Trump stated that the United States would continue attacks on Iran, raising fears of prolonged conflict and supply disruptions.

2. What are the latest oil prices?

• Brent crude rose to $108 per barrel
• West Texas Intermediate crude reached $106.52 per barrel

3. How does the US-Iran conflict affect oil markets?

Geopolitical tensions can:

• Disrupt oil supply routes
• Increase shipping risks
• Create uncertainty in global energy markets

4. What did Donald Trump say about the conflict?

Trump said the U.S. would “finish the job very fast” but did not provide a clear timeline or mention any ceasefire plans.

5. Why are investors concerned?

Markets reacted negatively due to:

• No clear ceasefire or diplomacy signals
• Rising geopolitical risks
• Potential long-term supply disruptions

6. What happened to oil transport in the region?

An oil tanker leased to QatarEnergy was reportedly hit by an Iranian cruise missile, increasing concerns about maritime safety.

7. How could this impact global economies?

According to the International Energy Agency, supply disruptions could begin affecting Europe’s economy as early as April.

8. What role does maritime risk play in oil prices?

Increased risks to shipping routes, especially in the Middle East, can limit supply and push oil prices higher.

9. Could oil prices rise further?

Analysts warn that if tensions escalate or shipping disruptions worsen, oil prices could reach even higher levels.

10. Why are oil markets so sensitive to geopolitical events?

Oil markets depend heavily on stable supply chains. Any conflict in major oil-producing regions can quickly impact global prices.

Originally published at https://newscovry.com on April 2, 2026.