Oil jumped in volatile trading as U.S. President Donald Trump warned of further military aggression against Iran in the next two or three weeks, dampening hopes for an imminent de-escalation in the conflict.
U.S. West Texas Intermediate crude futures for May gained 4.1% to $104.21 a barrel as of 9:45 p.m. ET. International benchmark Brent crude futures for June rose 5% to $106.42 per barrel.
Trump said the U.S. will “hit” Iran “extremely hard” over the next two or three weeks during a national address on Wednesday. “We’re going to hit them extremely hard over the next two to three weeks,” he said. “We’re going to bring them back to the stone ages, where they belong.”
Trump added that the war won’t last long and discussions with Tehran “are ongoing,” leaving a diplomatic resolution on the table. “We are going to finish the job, and we’re going to finish it very fast,” he said.
Earlier on Wednesday, Trump said in a post on Truth Social that Iran had asked for a ceasefire, raising hopes for more oil tanker movement through the Strait of Hormuz. Traffic in the vital strait, which used to see 20% of the world’s oil and gas flows through, has effectively ground to a halt since the U.S.-Israel war against Iran began on Feb. 28.
