02.04.202613:25:17UTC+00Oil Jumps After Trump Warns Iran of Hard Strike

WTI crude oil futures jumped more than 12% on Thursday to above $112 per barrel, the highest level since June 2022, after President Donald Trump signaled that the conflict with Iran could extend for weeks and warned of intensified US military action. His comments, including a vow to strike Iran “extremely hard” in the coming weeks, heightened fears of prolonged disruptions to global oil supplies, particularly in the absence of a clear plan to reopen the Strait of Hormuz. Markets reacted to the lack of any ceasefire prospects or diplomatic initiatives, reinforcing concerns over tightening supply conditions. At the same time, the UK is hosting a virtual meeting with roughly 40 countries to examine options for reopening the critical shipping corridor, although the US is not expected to take part. OPEC+ is also weighing a possible production increase, but any additional barrels are unlikely to arrive on the market in the near term.