Hopes for a swift end to the Middle East conflict dimmed after US President Donald Trump vowed intensified military action against Iran, sending global oil prices sharply higher.
US West Texas Intermediate crude surged 11.15% to $111.27 per barrel, hitting a session high of $113.97, while Brent rose 6.3% to $107.50 amid market volatility. WTI futures traded nearly $3 above Brent, the highest US premium in a year.
Trump’s statement offered no timeline for ending hostilities, prompting stock market losses and a stronger dollar. In response, Iran warned of “more crushing, broader, and destructive” attacks against the US and Israel, pledging the conflict will continue until Iran’s enemies face “permanent regret and surrender.”
Analysts fear Iran could gain control over Middle East energy supplies, particularly by threatening the Strait of Hormuz and targeting oil tankers and Gulf nations hosting US forces.
