The Business NG - April 03, 2026

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Crude oil prices jumped sharply on Thursday after U.S. President Donald Trump indicated that military operations against Iran would continue for another two to three weeks. Brent crude futures rose $6.33, or 6.3%, to $107.49 per barrel, while West Texas Intermediate (WTI) increased $5.28, or 5.3%, to $105.40 per barrel.
Trump’s prime-time address signaled that the U.S. conflict with Iran, ongoing for 32 days, would persist until military objectives are completed. He warned of intensified strikes on Iran’s capital, stating that the U.S. would “hit them extremely hard over the next two to three weeks.”
The President also referenced the Strait of Hormuz, a key transit route for about 20% of global crude oil, urging dependent countries to reopen it or secure alternative supply from the U.S. Despite previous ultimatums, the strait has remained largely closed, contributing to supply disruptions and rising global oil prices