Written by The Banking Post
Oil prices jumped sharply on Thursday after President Donald Trump indicated that the United States would continue targeting Iran, including its energy and oil infrastructure, without specifying a timeline to end the conflict.
Brent crude rose $4.88, or 4.8%, to $106.04 per barrel, while US West Texas Intermediate crude climbed $4.17, or 4.2%, to $104.29 per barrel by 0200 GMT. Both benchmarks had initially fallen earlier in the day before rebounding on Trump’s remarks.
Speaking in a televised address, Trump said, “We are going to finish the job, and we’re going to finish it very fast. We’re getting very close,” suggesting the US military was nearing its objectives in the conflict but offering no clear end date.
The escalation has heightened threats to maritime traffic in the region. On Wednesday, an oil tanker leased to QatarEnergy was struck by an Iranian cruise missile in Qatari waters, according to the Qatari defence ministry.
The International Energy Agency warned that disruptions could begin affecting Europe’s economy as early as April, as pre-war cargoes that had shielded the continent run out.
Meanwhile, the Organisation for Economic Co-operation and Development (OECD) said the war in Iran is derailing the global economic recovery, adding to existing uncertainties in energy markets.
