Global oil prices surged sharply on Thursday, jumping nearly 7 percent after US President Donald Trump said American military operations against Iran would continue, raising concerns over prolonged supply disruptions.
Brent crude futures rose by $7.65, or 7.6 percent, to $108.81 per barrel, while US West Texas Intermediate (WTI) climbed $7.06, or 7.1 percent, reaching $107.18 per barrel. The rally marked the strongest daily gains in three weeks.
The sharp increase followed an earlier drop of more than $1 per barrel in both benchmarks ahead of Trump’s televised address, where he confirmed continued strikes, according to Arab News.
“We’re going to hit them extremely hard over the next two to three weeks,” Trump said, warning of intensified military action.
He did not provide details on measures related to maritime security or the potential reopening of the strategic Strait of Hormuz, a key global oil transit route.
Market analysts said prices reacted to the absence of any indication of de-escalation or diplomatic engagement, heightening fears of extended instability in energy markets.
Adding to concerns, reports of attacks on shipping in the region have raised alarm over the safety of oil transport routes. Some traders have reportedly halted dealings tied to the Dubai crude benchmark due to risks affecting access to ports near the Strait of Hormuz.
Energy experts warned that any further escalation could push prices even higher if supply chains are disrupted, with attention now focused on Iran’s response and potential international efforts to stabilize the situation.
