Trump's speech fails to ease market fears: Oil surges past $105, WTI tops $103
&imwidth=600&imheight=450&format=webp&quality=medium "Trump's speech fails to ease market fears: Oil surges past $105, WTI tops $103")
For representative purpose only Photograph: (Wikimedia Commons)
Oil prices surged as Donald Trump’s address failed to ease concerns over the Strait of Hormuz closure, raising fears of global supply disruption
Oil prices surged on Thursday (April 2) after Donald Trump addressed the nation but failed to calm investor concerns over the closure of the strategic Strait of Hormuz. The president urged other countries to step in and help reopen the key shipping route. Brent crude jumped over 4%, reaching as high as $105.55, while West Texas Intermediate rose 3% to $103.16. Both benchmarks had been declining before the speech started.
Sentiment shifted sharply after the president’s prime-time address. Rather than signaling a move toward de-escalation, Trump called on other nations to intervene and reopen the Strait of Hormuz, a critical global oil passage that remains closed. Asian markets reacted negatively in volatile morning trading.
South Korean stocks, reflecting the region’s heavy reliance on Middle Eastern energy imports, fell 3 per cent, marking the steepest drop in the region. In the United States, S&P 500 futures indicated a 0.8 per cent decline ahead of the market open. In his remarks, Donald Trump said the conflict could continue for another ‘two to three weeks’ and warned that the US would target Iranian power plants if no agreement is reached. He added that key strategic goals are ‘close to completion’ and stated that the US could ‘bring Iran back to the stone age’.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.
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