Oil prices jumped nearly 7% on Thursday after U.S. President Donald Trump vowed to strike Iran "extremely hard" over the next two to three weeks, renewing prolonged supply disruption risks.
As of 04:08 ET (08:08 GMT), Brent Oil Futures expiring in June climbed 6.6% to $107.86 per barrel, while West Texas Intermediate (WTI) crude futures advanced 6.6% to $106.77 per barrel.
Both benchmarks opened modestly lower on Thursday after dropping in the previous session.
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Trump offers no clear signals on Iran ceasefire timeline President Trump said in a televised speech that the U.S. military will ramp up its operation against Iran in the next two to three weeks, reiterating the need to prevent Tehran from obtaining a nuclear weapon.
"We’re going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Ages where they belong," Trump said.
He said that “discussions were ongoing,” but did not specify whether a ceasefire was close.
Prices had retreated on Wednesday and early Thursday after Trump told reporters that the U.S. could leave Iran within “two to three weeks,” even without a formal agreement.
Before his speech, Trump said in a social media post that Iran’s “new regime president” had requested a ceasefire, suggesting a possible opening for negotiations.
However, Iran’s Foreign Ministry denied the claim, with state media reporting on Wednesday that Tehran had not sought a truce.
Strait of Hormuz risks remain Investors were still uncertain about efforts to curb supply disruptions around the Strait of Hormuz, a critical chokepoint for global oil shipments.
The waterway remains effectively disrupted, with no clear indication of when flows could normalize, raising fears of prolonged supply constraints
On the supply side, the Energy Information Administration (EIA) reported that crude inventories rose by about 5.5 million barrels in the week ended March 27, exceeding expectations for a modest build.
