WASHINGTON: Oil prices surged on Thursday after President Donald Trump’s address to the nation failed to ease investor concerns over the closure of the strategic Strait of Hormuz, as the US leader called on other countries to help reopen the vital waterway.
Brent crude jumped more than four percent to as high as $105.55 a barrel, while West Texas Intermediate climbed three percent to $103.16. Both benchmarks had been trading lower before Trump began his speech.
US President Donald Trump vowed Wednesday to intensify attacks on Iran over the next two to three weeks, saying American forces were close to completing their objectives in the war.
“Over the next two to three weeks, we are going to bring them back to the Stone Ages, where they belong,” Trump said in a televised address to the nation.
He added that US forces were on track to achieve all battlefield goals “very, very shortly,” signalling what he described as the final phase of the conflict.
His comments come at a time when the closure of the Strait of Hormuz — a key route for roughly a fifth of global oil supply — has already sent shockwaves through energy markets, driving volatility in crude prices.
While Trump projected confidence about the war’s endgame, uncertainty over whether the waterway will reopen — and who will secure it — continues to rattle investors, keeping oil prices elevated and market sentiment fragile.
