SINGAPORE: 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.
Brent crude futures rose $6.33, or 6.3 percent, to $107.49 per barrel by 07:07 a.m. Saudi time. US West Texas Intermediate crude futures were up $5.28, or 5.3 percent, to $105.40 per barrel.
The gains followed an earlier fall of more than $1 in both benchmarks prior to Trump’s televised speech to the nation, after having settled lower in the previous session.
“We are going to finish the job, and we’re going to finish it very fast. We’re getting very close,” Trump said, adding that the US military had nearly achieved its goals in the conflict which would end in two to three weeks, but giving no specifics.
Markets are reacting to the fact that “no clear mention of ceasefire or diplomatic engagement,” figured in the speech, said Priyanka Sachdeva, senior market analyst at Phillip Nova.
