Global oil prices surged after Donald Trump reiterated threats to strike Iran “extremely hard,” offering no clear roadmap to end the ongoing conflict.
Brent crude briefly climbed past $109 per barrel, while US benchmark West Texas Intermediate also spiked above $110 before easing. The sharp rise came after Trump’s address from the White House, which dampened hopes of an imminent ceasefire.
The conflict has severely disrupted global energy supplies, particularly through the Strait of Hormuz—a critical waterway where shipments have largely stalled following Iranian threats against tankers.
Markets had briefly stabilised earlier on expectations of de-escalation, but Trump’s remarks triggered fresh volatility. Analysts said the absence of a clear timeline for reopening the Strait has pushed expectations of normal supply conditions further out.
The impact was felt across global equities. Major indices in the US, Europe and Asia fell initially, with markets in Japan and South Korea closing sharply lower amid heightened uncertainty.
Experts warn that damage to energy infrastructure in the Gulf could take years to repair, suggesting prolonged disruption to oil and gas flows. Meanwhile, rising transport and security costs in the region are expected to keep prices elevated.
