Oil prices went up by more than $4 on Thursday after President Donald Trump said the United States would keep attacking Iran, including energy and oil targets in the coming weeks, and did not give a clear
timeline for ending the war.
Brent crude futures rose $4.88, or 4.8%, to $106.04 per barrel by 0200 GMT. US West Texas Intermediate crude futures went up $4.17, or 4.2%, to $104.29 per barrel.
These gains came after both benchmarks had dropped more than $1 earlier on Thursday before Trump’s speech and had closed lower in the previous session. Trump said in a televised speech that the U.S. military had almost finished its goals in the war with Iran, and that the conflict would end soon, but he did not give a specific timeline.
“We are going to finish the job, and we’re going to finish it very fast. We’re getting very close,” he said. Threats to shipping have increased as the conflict spreads across the region. Most recently, on Wednesday, an oil tanker leased to QatarEnergy was hit by an Iranian cruise missile in Qatari waters, according to its defense ministry.
The head of the International Energy Agency warned on Wednesday that supply disruptions will start to affect Europe’s economy in April. Europe had previously been protected by shipments contracted before the war began.
