Oil price spike: Brent, WTI jump nearly 5% after Trump's Iran speech
Crude markets whipsaw on mixed war signals, Hormuz risks and supply disruptions
Oil futures showed mixed movements Thursday morning (April 2, 2026) amid ongoing volatility tied to the U.S.-Iran conflict.
As of the latest snapshot:
WTI Crude rose to $103.69, up +$3.57 (+3.57%).
Brent Crude climbed to $105.53, up +$4.37 (+4.32%).
Murban Crude (UAE benchmark) fell to $103.63, down -$3.18 (-2.98%).
This divergence reflects broader market dynamics: WTI and Brent gained on persistent geopolitical risk and skepticism about a swift resolution, while Murban (a Middle East sour crude) faced selling pressure possibly linked to regional supply flows, cargo availability, or unwinding of earlier premiums amid the conflict's disruptions in the Gulf.
gulfnews.comContext: Trump's Address and War TimelineThe price action follows President Trump's Wednesday night address to the nation, where he described the U.S.-Israeli military campaign against Iran (now over a month old, sometimes called Operation Epic Fury) as a major success.
He vowed intensified strikes "extremely hard over the next two to three weeks" to degrade Iran's capabilities, famously stating: "We are going to bring them back to the Stone Ages, where they belong."
Trump added that U.S. forces would meet battlefield goals "very, very shortly" and suggested the operation could wind down soon, potentially shifting responsibility for the Strait of Hormuz to other nations.
In recent days, Trump has signaled the US could exit the conflict within two to three weeks (roughly mid-to-late April), even without a formal deal, claiming key objectives — such as preventing Iran from developing a nuclear weapon — were largely achieved or nearing completion.
He has criticised allies for not doing more and told them to "get your own oil," while emphasizing no U.S. ground troops are needed and framing the effort as a "true investment" for future generations.
Iran has denied some of Trump's claims, such as requests for a ceasefire.
Oil prices surged dramatically in March (Brent up ~63% at one point, its biggest monthly gain since 1988), with spikes above $115–$118 amid fears of prolonged conflict.
Trump's signals of a near-term wind-down triggered sharp pullbacks earlier, though renewed hawkish tones and doubts about immediate de-escalation have supported a partial recovery in benchmarks like WTI and Brent.
