Oil prices rocketed upward after President Donald Trump threatened to strike Iran “extremely hard” in coming weeks. He offered no clear war endgame during his White House address. Brent crude spiked past $109 per barrel while US, European, and Asian stock markets tumbled.
Trump predicted the US would meet strategic goals “very shortly” then bomb Iran facilities “back to the Stone Ages” over the next two to three weeks. Markets had dipped below $100 Wednesday on ceasefire hopes, but his speech repeated prior rhetoric.
The Iran conflict crippled global oil and gas flows. Iran halted most Strait of Hormuz tanker traffic after threatening attacks in retaliation to US-Israeli strikes launched February 28.
Trump declared the US doesn’t need Middle East energy. He urged other nations to muster “delayed courage,” seize the Strait, and restore shipments. Oil benchmarks exploded post-speech—Brent leaped over 8% Thursday; West Texas Intermediate topped $110 briefly.
Energy consultant Alberto Bellorin called it a “market reality check.” Trump’s lack of Strait reopening timeline dashed quick resolution hopes. Normalcy now appears months away, not weeks. Trump insisted flows would rebound fast once fighting stops.
