April 2, 2026
Oil jumps nearly 7% after Trump says US to keep up attacks on Iran
Brent crude futures rise $6.84, or 6.8%, to $108 per barrel; US West Texas Intermediate crude futures up $6.40, or 6.4%, to $106.52 per barrel
SINGAPORE: Oil prices climbed nearly 7% on Thursday, as President Donald Trump said the United States would keep up attacks on Iran without committing to a specific timeline to end the war, fanning investor fears about sustained disruptions to supply.
The gains came after both benchmarks had fallen more than $1 earlier on Thursday, ahead of Trump's speech and had settled lower in the previous session.
Trump said in a televised speech to the nation that the U.S. military had nearly completed its goals in its war with Iran, and that the conflict would soon be ending, but gave no specific timeline.
"We are going to finish the job, and we're going to finish it very fast. We're getting very close," he said.
Threats to maritime traffic have grown as the conflict intensifies across the region. Most recently on Wednesday, an oil tanker leased to QatarEnergy was hit by an Iranian cruise missile in Qatari waters, its defence ministry said.
The head of the International Energy Agency cautioned on Wednesday that supply disruptions will start to impact Europe's economy in April. The continent had previously been shielded by cargoes contracted before the war started.
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