The price of oil surged while stock markets fell back after U.S. President Donald Trump's address Wednesday night stoked fears the Iran war could be about to get a lot worse. Photo by John Angelillo/UPI | License Photo
April 2 (UPI) -- The price of oil surged while stocks retreated on Thursday after U.S. President Donald Trump's address to the nation on the Iran war stoked fears it could be about to get a lot worse, spooking markets.
Trump's threat to "hit them extremely hard" sent global benchmark Brent crude futures soaring to $109.48 per barrel, a rise of more than $8, while the U.S. benchmark West Texas Intermediate jumped $9.61 a barrel to $109.73.
Oil had fallen below $100 for a while on Wednesday after Trump said U.S. forces would be out of Iran soon.
Stock markets reversed gains over recent days with South Korea's Kospi index shedding 4.5% and the Nikkei 2.4% on Thursday, with European markets also pulling back across the board, led by Germany DAX index, which was down 2.2% in mid afternoon trade.
