Oil Prices Surge as Trump Signals Continued Iran Strikes, Markets Eye Supply Risks

Oil prices climbed more than $5 on Thursday, as President Donald Trump said the US would keep up attacks on Iran without committing to a specific timeline to end the war, fanning investor fears about sustained disruptions to supply. The remarks added to uncertainty in energy markets already unsettled by escalating tensions in the Middle East.

Brent crude rose $6.33, or 6.3%, to $107.49 per barrel in early trading, while US West Texas Intermediate gained $5.28, or 5.3%, to $105.40 per barrel. The increases followed earlier declines of more than $1 in both benchmarks before Trump’s televised address, after prices had already slipped in the previous session.

In his speech, Trump said the US military was close to achieving its objectives but did not outline a clear end to the conflict. “We are going to finish the job, and we’re going to finish it very fast. We’re getting very close,” he said, suggesting the war could end within two to three weeks without offering further details.

Market analysts said the absence of any reference to a ceasefire or diplomatic engagement has heightened concerns. Priyanka Sachdeva, senior market analyst at Phillip Nova, said investors are reacting to the lack of clarity. She warned that if tensions escalate or maritime risks increase, oil prices could rise further as markets factor in possible supply disruptions.

Risks to shipping have grown as the conflict intensifies. On Wednesday, an oil tanker leased to QatarEnergy was struck by an Iranian cruise missile in Qatari waters, according to the country’s defence ministry. The incident has added to fears about the safety of key energy transport routes in the region.

The International Energy Agency has also warned that supply disruptions could begin to affect Europe’s economy as early as April, noting that earlier shipments had temporarily shielded the continent from immediate impacts. Claudio Galimberti, chief economist at Rystad Energy, said markets remain focused on the lack of a clear strategy to end the conflict, leaving investors to assess ongoing risks.

Meanwhile, gold prices extended gains for a fourth consecutive session, rising to nearly a two-week high as the US dollar weakened. Spot gold increased 1.3% to $4,728.75 per ounce, while US gold futures climbed 1.7% to $4,755.70. Analysts said demand for safe-haven assets has strengthened as geopolitical uncertainty persists.

Other precious metals showed mixed movement, with silver, platinum and palladium posting slight declines. Market participants said the trajectory of both energy and commodity prices will depend heavily on developments in the Middle East and any signs of easing tensions in the coming weeks.