Oil Prices Surge Over $5 as Trump Vows to Continue Iran Strikes

Global oil prices jumped sharply on Thursday after President Donald Trump declared that the United States would press forward with military strikes against Iran, stopping short of outlining any concrete timeline or exit strategy. The remarks rattled energy markets already on edge over potential supply disruptions in a volatile region.

Brent crude futures climbed to $107.49 per barrel, reflecting a gain of roughly 6.3%, while U.S. West Texas Intermediate crude rose approximately 5.3% to reach $105.40 per barrel. The surge came despite both benchmarks having dipped more than a dollar earlier in the session ahead of Trump's nationally televised address.

Speaking to the nation, Trump signaled that American forces were close to achieving their military objectives, suggesting the conflict could wrap up within two to three weeks — though he offered no firm commitments or diplomatic pathway forward. The absence of any ceasefire language or peace negotiations sent immediate shockwaves through commodity markets.

Senior market analyst Priyanka Sachdeva of Phillip Nova noted that the lack of clear diplomatic engagement left traders pricing in the risk of prolonged conflict. She warned that if maritime threats escalate further, crude could test new highs. Those concerns gained weight after an oil tanker contracted to QatarEnergy was reportedly struck by an Iranian cruise missile in Qatari waters mid-week.

Adding to market anxiety, the head of the International Energy Agency cautioned that ongoing supply disruptions could begin weighing on Europe's economy as early as April, as pre-war contracted shipments dry up. Rystad Energy's chief economist Claudio Galimberti echoed the sentiment, noting that without a credible off-ramp, markets would remain unsettled.

With geopolitical tensions showing no sign of easing, energy traders and analysts are bracing for continued price volatility in the weeks ahead.