Oil price rises by almost 7% - Influenced by Donald Trump's speech
Oil prices rose nearly 7% on Thursday after President Donald Trump said the United States would continue strikes on Iran without committing to a specific timeline to end the war, fueling investor fears of continued supply disruptions.
Brent crude futures rose $6.84 to $108 a barrel, while West Texas Intermediate crude futures rose $6.40 to $106.52 a barrel.
The gains followed an earlier drop of more than $1 in both benchmark indexes ahead of Trump's televised address to the nation, after they had stabilized lower in the previous session.
"We're going to get the job done very quickly. We're getting very close," Trump said, adding that the US military had almost achieved its goals in the conflict which would end within two to three weeks, but without giving specific details.
Markets are reacting to the fact that the speech did not explicitly mention “a ceasefire or diplomatic engagement.” According to analysts, if tensions intensify, or maritime risks increase, oil could test new record highs, while markets expect possible supply disruptions.
Threats to maritime traffic have increased as the regional conflict intensifies. On Wednesday, an oil tanker leased by QatarEnergy was hit by an Iranian missile in Qatari waters, Qatar's defense ministry said.
The head of the International Energy Agency also warned that supply disruptions would begin to affect Europe's economy in April. The continent had previously been protected by contracted cargoes before the war began.
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