Oil surges over 7% as Trump signals continued attacks on Iran

Global oil prices jumped sharply on Thursday after Donald Trump said the United States would continue its attacks on Iran, raising fears of prolonged supply disruptions.

Brent crude rose by $7.67, or 7.58 percent, to reach $108.8 per barrel, while US West Texas Intermediate climbed $7.73, or 7.72 percent, to $107.80. Both benchmarks were on track for their biggest daily gains in three weeks, though still below earlier peaks above $119 seen during the conflict.

The surge followed earlier declines, as markets reacted strongly to Trump’s televised address, in which he warned of intensified military action over the coming weeks. However, he did not outline any plan for reopening the critical Strait of Hormuz, a key route for global oil shipments.

Analysts say the absence of any indication of a ceasefire or diplomatic efforts has unsettled markets, increasing expectations of further volatility. Rising tensions have also heightened risks to maritime traffic in the region.

In a recent escalation, an oil tanker leased by QatarEnergy was reportedly struck by an Iranian missile in Qatari waters, according to local authorities.

Traders have begun avoiding cargoes linked to the Dubai Middle East benchmark, as ports within the Strait of Hormuz become increasingly inaccessible. The waterway typically handles a significant portion of global crude exports.

Meanwhile, the International Energy Agency has warned that supply disruptions could begin impacting Europe’s economy as early as April, after earlier shipments had temporarily cushioned the region.

Market watchers say the next major factor will be Iran’s response and how the international community reacts, particularly whether efforts will emerge to secure the Strait of Hormuz and stabilize global energy flows.