Oil prices jumped more than 6.5% on Thursday, with Brent crude rising above $107 a barrel after U.S. President Donald Trump threatened to hit Iran "extremely hard," fueling concerns about a prolonged conflict and even further supply disruptions in the Middle East.
International benchmark Brent crude traded at $108 a barrel, up 6.7% as of 6:10 a.m. GMT, while U.S. benchmark West Texas Intermediate (WTI) rose to $106.45, gaining 6.3%.
The rally followed Trump’s remarks signaling that U.S. attacks on Iran would continue, offering no clear path toward de-escalation and disappointing investors who had hoped for signs of a near-term cease-fire or diplomatic breakthrough.
"We’re going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Age, where they belong," Trump said.
Oil markets had briefly eased earlier this week on expectations that Washington might scale back its military campaign. Still, sentiment reversed after Trump’s comments renewed concerns over risks to crude flows from the region, particularly through the Strait of Hormuz, a vital route for global energy shipments.
