Oil Prices Surge Following Trump's Statement on Continued Attacks on Iran

According to reports from Ukrinform, oil prices have increased sharply after U.S. President Donald Trump hinted at the possibility of ongoing attacks on Iran. Data from Reuters indicates that Brent crude futures soared by $6.33, or 6.3%, reaching $107.49 per barrel as of 04:07 GMT (06:07 Kyiv time).

Meanwhile, futures for American crude oil, known as West Texas Intermediate (WTI), also exhibited a notable increase, rising by $5.28, or 5.3%, to $105.40 per barrel. This surge in prices occurred after both oil benchmarks had declined by more than $1 the previous day, closing the prior session at lower levels.

The oil markets reacted to Trump's speech, which, according to Priyanka Sadcheva, a senior market analyst at Phillip Nova, contained 'no clear mention of a ceasefire or diplomatic negotiations.' This has raised concerns among investors that tensions in the region could escalate further.

Sadcheva also pointed out that 'if tensions escalate or maritime risks increase, oil could reach new highs as markets factor in potential supply disruptions.' The growing threats to maritime shipping have become evident amid the intensifying regional conflict.

On Wednesday, Qatar's Ministry of Defense reported that an Iranian cruise missile struck an oil tanker chartered by QatarEnergy in the country's waters. This incident underscores the rising risks to oil transportation in the region, which could impact global oil supplies.

Additionally, the head of the International Energy Agency warned that supply disruptions could begin to negatively affect Europe's economy as early as April. Previously, the continent had been safeguarded by shipments with contracts secured before the onset of the war, but the situation may be changing.

Claudio Galimberti, chief economist at Rystad Energy, noted that 'without any mention of a reliable ceasefire plan or real pathways out of the crisis, markets are forced to continue interpreting the administration's statements.' This indicates that investors remain in a state of uncertainty, which could influence the future trajectory of the oil market.

It is worth recalling that President Trump previously stated that the war with Iran 'is nearing its end,' but it may continue for another two to three weeks. These statements have sparked new waves of concern among traders and analysts monitoring developments in this strategically significant region.

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