From CNBC: Oil jumped in volatile trading as U.S. President Donald Trump warned of further military aggression against Iran in the next two to three weeks, dampening hopes for an imminent de-escalation in the conflict.
U.S. West Texas Intermediate crude futures for May were up 8.2% at $108.36 a barrel as of 7:10 a.m. ET. June futures for international benchmark Brent crude
rose 8% to $109.16 per barrel.
Trump in his speech attributed the increase in oil prices to the “Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.”
He said the U.S. will “hit” Iran “extremely hard” over the next two to three weeks during a national address on Wednesday, while adding that the war won’t last long and discussions with Tehran “are ongoing,” leaving a diplomatic resolution on the table.
READ MORE from CNBC.
Oil gains with Brent surging more than 7% as Trump's Iran war speech stokes fears of further escalation https://t.co/E9LlCprANF
— CNBC (@CNBC) April 2, 2026
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