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Posted on 04/02/2026 5:51:04 AM PDT by Miami Rebel
Oil surged 10% Thursday as U.S. President Donald Trump warned of further military aggression against Iran in the next two to three weeks, dampening hopes for an imminent de-escalation in the conflict.
U.S. West Texas Intermediate crude futures for May were up 10% at $110.21 a barrel as of 8:13 a.m. ET. June futures for international benchmark Brent crude rose 8% to $109.25 per barrel.
Trump in his speech attributed the increase in oil prices to the “Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.”
He said the U.S. will “hit” Iran “extremely hard” over the next two to three weeks during a national address on Wednesday, while adding that the war won’t last long and discussions with Tehran “are ongoing,” leaving a diplomatic resolution on the table.
“We are going to finish the job, and we’re going to finish it very fast,” he said.
George Efstathopoulos, portfolio manager at Fidelity International, told CNBC’s “Squawk Box Asia” that markets had braced for a “binary outcome,” expecting the president to either signal his plans for a war exit or further escalation and prolonged uncertainty — “clearly we seem to be on the latter path right now.”
Efstathopoulos expects the speech to further fuel the risk-off sentiment as investors wait for uncertainty to subside.
Traffic in the Strait of Hormuz, which used to see a fifth of the world’s oil and gas flows through, has effectively ground to a halt since the U.S.-Israel war against Iran began on Feb. 28, sending energy prices soaring in one of the world’s most devastating energy crises.
Oil tanker traffic through the Strait of Hormuz was unlikely to resume anytime soon, said Giles Alston, political risk analyst at Oxford Analytica.
“It’s becoming increasingly clear that the U.S. position on what you do to get your oil out of and through the Straits of Hormuz is now something which Washington has largely washed its hands off. This is now something for those who take oil through the Strait to sort out for themselves,” he said on CNBC on Thursday.
Earlier on Wednesday, Trump said in a post on Truth Social that Iran had asked for a ceasefire, briefly raising hopes for more oil tanker movement through the waterway, sending oil prices lower.
Iran’s “New Regime President” has asked the U.S. for a ceasefire, a request that will only be considered if the Strait of Hormuz is “open, free, and clear,” Trump said. “Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”
The Islamic Republic, however, has denied Trump’s claim, saying that the waterway won’t be reopened based on the U.S. leader’s “absurd displays” and that the key transit route remains “decisively and dominantly under the control of the IRGC Navy.”
The two sides have frequently contradicted each other’s claims about the existence and status of peace-deal talks since the war started. Trump has also sent conflicting signals, reportedly saying negotiations were close to producing a peace deal, but the U.S. was also prepared to escalate fighting by sending thousands of troops to the region.
Brent oil dipped below $100 per barrel for the first time in a week after Trump said Tuesday evening that he expected the U.S. military to wind down operations against Iran in “two or three weeks” and appeared to be declaring victory even without a negotiated deal with Iran. “We’ll be leaving very soon,” he said.
Choose CNBC as your preferred source on Google and never
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Are you going to be okay?
CNBC has greater concern for oil prices then fear of a thermo blast blowing the skin off their bones.
Pimping panic is the only agenda they ever have.
Grow up. Click the Report Abuse link if you don’t like being told that.
Well…
Drove by my local gas station yesterday as I was running an errand - gas: $5.89/gallon.
Drove by 90 minutes later and gas was $6.04/gallon.
I shudder to think what it is this morning - but apparently paying that much is A-OK for California voters.
I think we will have to do this in China eventually.... exterminate about 2/3 of their population.
Think this is crazy talk. Read what Harry Truman said in 1945. That we may have to exterminate every Japanese citizen to end the war. Japan got the picture, no hor if no one is there to mumble into your picture and light incense. You’re just dead.
CNBC reports financial markets: WHAT A SHOCKER!
The Markets have a 3 day weekend...
For the moment, everything is temporary...
The United States imports a very low percentage of its oil—roughly 2.5% or less—directly through the Strait of Hormuz. While the U.S. is a net oil exporter, the Strait remains critical as it handles roughly 20% of global daily oil, and disruptions cause immediate, significant spikes in global prices that affect U.S. consumer costs.
It was a truly awful speech. Scrambling to change the message will occur before Monday. If there is a Florida trip this weekend it should be cancelled unless golf has priority. At home politics have been way off for over since Labor Day or passage of the Big B Bill, take your choice. Phoney baloney data centers, which won’t be built, ain’t going to save the day. House cleaning and AMERICA, and whipping congressional ass, are the priorities.
You are the one headed for the Lake of Fire if you don’t repent, not me.
your fruit is rancid.
“It’s 5D chess... it’s just looks like a Charlie Foxtrot. Trust “the plan.”
I gotta say you must be REALLY stupid. I mean REALLY.
If you knew a CF was forming why didn’t you invest to take advantage of it? I did.
When Biden got in and started ranting about stopping oil I moved my entire portfolio into American continent oil. Over his term I made over 100%.
When T attacked Iran I doubled down. Another predictable profit.
My investments are up over 500% since Biden was selected. I don’t even daytrade. But I’ve seen daytraders in American oil with positions of >$50 mil in their orders. Retail investors, using a standard brokerage account!
Two words….. SLANT DRILL the SOBs
So that’s what they call it who knew?.
I paid $3.19 a gallon this week in Oklahoma. Oh! The horror!
Our wonderful leftist media, including Fox, are aghast over prices they would have praised under their beloved Middle-Class Joe.
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