Oil Prices Surge as Trump's Iran Threat Sparks Supply Concerns

Deep News04-03 04:50

WTI crude oil surged past $110 per barrel after U.S. President Donald Trump threatened to escalate military action against Iran in the coming weeks, a move that could prolong energy supply disruptions in the Strait of Hormuz.

WTI prices jumped 11%, while the global benchmark Brent crude settled around $109 per barrel. The European diesel futures benchmark exceeded $200 per barrel for the first time since 2022. Spot Brent crude prices soared to an 18-year high.

The rally followed Trump's nationwide address on Wednesday evening, in which he suggested that strikes against Iran could intensify in the near term and stated that the Strait of Hormuz would "naturally" reopen after the conflict ends. Trump's unexpectedly hawkish remarks pushed the WTI spot price differential above $16 per barrel at one point on Thursday.

"The market was not prepared for this," said Scott Shelton, an energy specialist at TC ICAP. "Investors had expected dovish rhetoric but got the exact opposite."

Oil prices retreated from their intraday highs after reports emerged that Iran was drafting an agreement with Oman to regulate transit through the strait. Russian Presidential Aide Yuri Ushakov stated that the Strait of Hormuz remains open to Russia.

Iran continued its attacks in the Persian Gulf on Thursday and showed no willingness to initiate negotiations. During New York trading hours, WTI May futures rose 11%, settling at $111.54 per barrel, while Brent June futures increased by 7.8%, settling at $109.03 per barrel.

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