Oil prices jumped sharply on Thursday, with Brent crude rising 6.8% to $108 per barrel and U.S. West Texas Intermediate (WTI) gaining 6.4% to $106.52 per barrel, following remarks by President Donald Trump regarding ongoing U.S. attacks on Iran.
Trump addressed the nation, stating that the U.S. military was “very close” to completing its objectives in the conflict, but provided no clear timeline for a ceasefire or diplomatic resolution. Analysts say the absence of a concrete end plan has heightened concerns over sustained disruptions to global oil supply.
Senior market analyst Priyanka Sachdeva noted that oil markets reacted to the lack of mention of diplomatic engagement, warning that escalating tensions or increased maritime risks could push prices even higher.
Read More : Trump says Iran sending 20 oil tankers to US
The spike comes amid growing threats to shipping routes. On Wednesday, an oil tanker leased to QatarEnergy was reportedly struck by an Iranian cruise missile in Qatari waters, highlighting the conflict’s impact on energy transport.
Claudio Galimberti, chief economist at Rystad Energy, said potential supply disruptions could start affecting Europe’s economy as early as April, despite pre-contracted cargoes providing temporary relief. The market remains cautious, pricing in the possibility of further volatility until a clear resolution emerges.