Image Credentials: Image Title: Global Oil Prices Surge Past $106 After Trump Pledges Extended Strikes on Iran Source: (sora.openai) Date: April 2026. Attribution: This image was created using AI-generated imagery (sora.openai) and does not depict a real-world scene.
By Open Chronicle Staff with Agencies
SINGAPORE – Global energy markets reacted with sharp volatility Thursday morning as oil prices jumped more than 4 percent in early trading. The surge follows a primetime address by President Donald Trump, in which he committed to a “next phase” of intensified military strikes against Iran, including the targeting of energy and oil infrastructure.
By 2:00 a.m. GMT, Brent crude futures rose $4.88, or 4.8 percent, to $106.04 per barrel. Concurrently, U.S. West Texas Intermediate (WTI) crude futures climbed $4.17, or 4.2 percent, to reach $104.29 per barrel.
Market Reversal and Timeline Uncertainty
The price spike marks a dramatic reversal from Wednesday’s session, during which benchmarks had dipped in anticipation of a potential de-escalation announcement. While President Trump stated that the U.S. was “very close” to finishing the job, his refusal to provide a specific withdrawal timeline and his vow to hit Iranian electric and energy plants “extremely hard” over the next two to three weeks spooked investors.
“We are going to finish the job, and we’re going to finish it very fast,” the President said, though analysts noted that the “Stone Age” rhetoric suggested a level of infrastructure destruction that could keep Iranian oil off the global market for years.
Maritime Threats and Supply Disruptions
The market anxiety is being fueled by escalating kinetic actions in the Persian Gulf. On Wednesday, the Qatari Defense Ministry confirmed that an oil tanker leased to QatarEnergy was struck by an Iranian cruise missile while in Qatari waters.
This direct hit on neutral commercial shipping underscores the “toll booth” environment currently gripping the Strait of Hormuz. The head of the International Energy Agency (IEA) issued a stark warning Wednesday, noting that while Europe had previously been shielded by pre-war contracts, the continent is expected to feel the full weight of supply disruptions beginning this month.
Economic Fallout
The rise in Brent crude above the $100 threshold is expected to exert further pressure on the U.S. domestic economy. During his speech, President Trump attributed the rising costs at the pump to “deranged terror attacks” by the Iranian regime. However, market analysts suggest that the President’s own “Operation Epic Fury” and the subsequent threat to Iranian power plants are now the primary drivers of the “war premium” currently baked into every barrel of oil.
As U.S. embassies in the region remain shuttered and the Artemis 2 crew continues its journey toward the Moon, the terrestrial energy crisis appears far from its “natural opening,” despite the President’s optimistic forecasts.