Oil prices jumped sharply on Thursday after U.S. President Donald Trump signaled an escalation of military action against Iran, dampening hopes for a near-term diplomatic resolution and raising concerns about prolonged disruptions to global energy supplies.
Benchmark Brent crude rose by $8.34, or 8.2 percent, to $109.50 per barrel by 7:39 a.m. ET, while U.S. West Texas Intermediate (WTI) gained $9.23, or 9.2 percent, to $109.35. Both contracts touched their highest levels since early March and were on track for their largest daily gains in three weeks, though still below peaks above $119 reached earlier in the conflict.
The rally followed Trump’s prime-time address late Wednesday, in which he vowed to intensify strikes against Iran over the coming weeks, while offering no clear timeline for reopening the Strait of Hormuz or ending the war….
Oil Surges as Trump Signals Intensified Iran Strikes
