Global oil prices rose sharply in volatile trading after US President Donald Trump warned that the United States could launch further attacks on Iran within weeks.
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US West Texas Intermediate crude for May delivery rose 4.1% to $104.21 per barrel late Wednesday. Brent crude, the international benchmark, climbed 5% to $106.42 per barrel for June contracts.
The gains came as Trump signalled that military pressure on Tehran could intensify despite ongoing diplomatic contacts. Markets had been hoping for signs of de-escalation in the conflict.
Oil jumps on renewed war warnings
Speaking during a national address, Trump blamed rising energy prices on what he described as Iranian attacks on commercial oil tankers and neighbouring countries. He said the United States would strike Iran “extremely hard” in the coming weeks.
“We are going to finish the job, and we’re going to finish it very fast,” Trump said, adding that discussions with Tehran were continuing and a diplomatic outcome remained possible.
Investors brace for prolonged uncertainty
Market analysts say the comments reinforced fears that the conflict could continue and disrupt energy supplies.
George Efstathopoulos, a portfolio manager at Fidelity International, said investors had been waiting for a clear signal on whether Washington would move toward ending the war or escalate military action.
Instead, Trump’s remarks suggested the conflict may enter a new phase of uncertainty.
Efstathopoulos told CNBC that investors had been preparing for a “binary outcome” from the speech. One possibility was a signal that the United States planned to wind down the conflict, while the other was a sign of continued escalation.
The latest comments pointed to the latter, he said, which could increase risk-off sentiment across global markets while traders wait for clearer developments.
Hormuz disruption fuels energy crisis
Energy markets have also been shaken by the halt in tanker traffic through the Strait of Hormuz, a critical shipping route that normally carries roughly one-fifth of global oil and gas supplies.
Traffic through the waterway has effectively stopped since the US-Israel war against Iran began on February 28, pushing energy prices higher and raising fears of a major supply shock.
Political risk analyst Giles Alston of Oxford Analytica said there is little sign tanker movements will resume soon.
He said Washington now appears to be leaving countries that rely on the route to manage the situation themselves rather than guaranteeing safe passage.
Conflicting claims over ceasefire talks
Earlier on Wednesday, Trump briefly raised hopes for progress toward a ceasefire when he posted on Truth Social that Iran had asked the United States for a truce.
He said such a request would only be considered if the Strait of Hormuz was reopened and allowed shipping to move freely.
That message briefly pushed oil prices lower amid speculation that tanker traffic could resume.
Iran quickly rejected the claim, calling Trump’s statements “absurd” and insisting the waterway remains firmly under the control of the Iranian Revolutionary Guard Corps navy.
Since the conflict began, both sides have issued conflicting statements about negotiations and possible peace talks.
Trump has alternated between suggesting that a deal may be close and warning that Washington could escalate the conflict by deploying additional troops to the region.
Earlier this week, Brent crude had briefly fallen below $100 per barrel after Trump said US military operations against Iran might end within “two or three weeks,” even without a formal agreement.
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Adapted by ASEAN Now. Source 2 April 2026
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