Oil Prices Surge as Stocks Drop Following Trump’s Iran War Speech

RunWithRugs · 2026-04-03T19:10:52+00:00

Oil prices surged after President Trump's warning of potential strikes on Iran, while global stocks fell. The Strait of Hormuz, crucial for energy transport, remains under threat, indicating prolonged market instability.

RunWithRugs

2026-04-03 19:10:52

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(MENAFN) Oil prices climbed sharply while global shares fell following a primetime speech by US President Donald Trump on the ongoing conflict with Iran.

Speaking from the White House on Wednesday, Trump warned that the US would strike Iran “extremely hard” over the next two to three weeks. He also urged countries reliant on Middle Eastern oil to take the lead in keeping the Strait of Hormuz open, asserting that the US does not need energy from the region.

The strait is a vital artery for the global economy, with roughly 20% of the world’s energy typically passing through the narrow waterway. It has been effectively closed since the conflict began, as Iran responded to US and Israeli strikes with threats against ships using the route.

Before Trump’s remarks, Brent crude traded around $100 (£75.50) per barrel. After the speech, it jumped 6.5% to $107.70, while West Texas Intermediate rose 5.5% to approximately $105.70.

“These gains are a clear market reality check following the earlier optimism for an imminent ceasefire,” said Alberto Bellorin from InterCapital Energy. He added that Trump’s address lacked a “concrete timeline” for reopening the Strait of Hormuz, suggesting that a return to normal now appears “months away rather than weeks.”

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