WASHINGTON: Hopes for a swift end to the Middle East war faded on Thursday after US President Donald Trump vowed more aggressive strikes on Iran, sending oil prices sharply up again in a blow to consumers around the world.
US oil prices jumped more than 11 per cent, while Brent soared 7pc on Thursday in volatile trading, as traders worried about prolonged disruptions to oil supply.
Brent crude futures were up $6.34, or 6.3pc, to $107.5 a barrel at 1610 GMT. US West Texas Intermediate crude futures were up $11.19, or 11.15pc, at $111.27 per barrel. WTI hit a session high of $113.97 a barrel, its biggest absolute price rise since 2020.
WTI, whose price is generally below Brent’s, was pricing nearly $3 over Brent. It was the highest premium US crude futures have commanded over the global benchmark in a year.
Still, both benchmarks remained below the highs near $120 a barrel touched earlier in the conflict.
Stocks slid and the dollar gained after Trump said military operations would be intensified without offering the timeline that investors had sought for ending hostilities against Iran.
Iran’s armed forces responded to Trump with a warning for the US and Israel of “more crushing, broader and more destructive” attacks in store. The war will continue until the “permanent regret and surrender” of Iran’s enemies, said Ebrahim Zolfaqari spokesperson for the Iranian military’s Khatam al-Anbiya, in a statement carried by Iranian media.
Fears are growing that the conflict may leave Iran with a stranglehold over Middle East energy supplies now that it has shown that it can block the Strait of Hormuz by targeting oil tankers and attacking Gulf countries hosting US troops.
Published in Dawn, April 3rd, 2026
