Oil prices surged by more than $5 on Thursday, marking a sharp shift in global energy markets.
The increase followed remarks by Donald Trump, who declined to set a clear timeline for ending the conflict with Iran and instead signaled the possibility of intensifying military strikes. His comments unsettled markets and reversed earlier expectations that prices would continue to fall.
Brent crude, the international benchmark sourced from the North Sea, rose by $6.33 to reach $107.49 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude climbed by $5.28, trading at $105.40 per barrel. These gains came after a period of declining prices, as traders had previously anticipated that domestic pressure on the U.S. administration might push for a quicker resolution to the conflict.
Before Trump’s statement, market sentiment had leaned toward a de-escalation scenario, with investors expecting an announcement that could bring the war closer to an end. However, his refusal to provide a timeline—and his indication of further military action—shifted expectations dramatically. As a result, oil markets reacted swiftly, with prices rebounding and volatility increasing.
Market analysts now warn that oil prices could continue rising in the coming days, particularly if tensions escalate further. A key concern is the strategic Strait of Hormuz, one of the world’s most critical oil transit routes. Any disruption or closure of this narrow passage, which handles a significant portion of global oil shipments, could send prices even higher.
Analysts emphasize that if U.S. strikes against Iran intensify and reduce the likelihood of keeping the Strait of Hormuz open, the global oil supply could face serious risks. This scenario would likely push oil prices to even higher levels, amplifying uncertainty across international markets.
