Oil Prices Surge After Trump Vows to Continue War and Threatens Strikes on Iranian Power Plants
U.S. President Donald J. Trump delivered a televised address to the nation on Wednesday regarding the ongoing conflict with Iran. The speech, broadcast live, failed to calm energy markets already rattled by the war, with oil prices climbing sharply in the minutes following his remarks.
Brent crude, the global benchmark, jumped more than 4% to above $105 per barrel after Trump pledged to extend the conflict for several more weeks and renewed threats to bomb Iranian power stations if Tehran refuses to meet his demands. West Texas Intermediate (WTI), the U.S. benchmark, rose over 3%, trading above $103 per barrel.
The war, now more than a month old, has effectively shut down the Strait of Hormuz — a critical waterway that carries about 20% of the world’s oil supply. The closure has triggered a global energy crisis, driving crude prices higher and pushing U.S. gasoline costs above $4 per gallon.
Despite the turmoil, Trump downplayed the impact in his speech, insisting that the United States does not “need” the strait and suggesting that restoring access should be the responsibility of American allies.
The immediate market reaction drew sarcastic commentary from conservative pundit Ann Coulter, who posted a screenshot of surging oil futures on X, writing: “Trump’s magnificent speech had results! Well done, Mr. President!”
U.S. stock markets also signaled unease, with Dow Jones and S&P 500 futures slipping in after-hours trading.
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