On April 1 local time, the U.S. President delivered a televised address regarding the conflict with Iran, claiming a "swift, decisive, and overwhelming victory." The core strategic objectives of the U.S. in the conflict were described as "nearly accomplished." Public opinion widely viewed the speech as inconsistent and contradictory in multiple aspects. U.S. media commented that the President's efforts to justify the war failed to alleviate concerns about its trajectory.
In market reactions, investor optimism for a quick resolution to the conflict was shattered, leading to a sharp surge in international oil prices on Thursday. New York crude oil futures at one point rose over 13%. By the close of trading, the May delivery light crude oil futures on the New York Mercantile Exchange settled at $111.54 per barrel, marking an 11.41% increase. Meanwhile, June delivery Brent crude futures on the London exchange closed at $109.03 per barrel, up 7.78%.
J.P. Morgan indicated that oil prices could climb to between $120 and $130 per barrel in the short term. The firm added that if the Strait of Hormuz remains closed through mid-May, prices could exceed $150 per barrel.
