Crude oil prices surge after Trump announces continued attacks on Iran

Crude oil prices rose more than $5 on Thursday after President Donald Trump said the United States would continue strikes on Iran. At the same time, he did not give a specific timeframe for ending the war, which increased investor concerns about possible long-term supply disruptions. This is reported by Reuters.

Brent crude futures added $6.33, or 6.3%, to $107.49 a barrel as of 04:07 GMT. U.S. West Texas Intermediate crude futures rose $5.28, or 5.3%, to $105.40 a barrel.

The sharp jump came after Trump’s televised address to the nation.

“We’re going to get the job done, and we’re going to get it done very quickly. We’re very close to it,” Trump said.

He said US forces had almost completed their mission in the conflict, which he said would end in two to three weeks, although he did not provide details.

“Markets are reacting to the fact that the statement did not explicitly mention a ceasefire or negotiations. If tensions escalate or maritime risks increase, crude oil could test new highs as traders factor in potential supply disruptions,” said Priyanka Sachdeva, senior analyst at Phillip Nova.

At the same time, the head of the International Energy Agency also warned that supply disruptions would start to affect the European economy as early as April.

“With no mention of a ceasefire plan or any data on the resumption of production, markets continue to be guided by the administration’s statements,” said Claudio Galimberti, chief economist at Rystad Energy.

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