Trump signals Iran war, oil spikes

April 02, 2026 (MLN): Global oil markets surged on Thursday after Donald Trump delivered a stern address regarding the ongoing conflict with Iran, signaling that military action would continue and could intensify.

U.S. oil prices climbed above $103 per barrel as investors reacted to rising geopolitical risks and potential disruptions to global energy supplies, according to South Asia Index.

In his speech, Trump stated that the war against Iran is far from over, asserting that the United States’ core strategic objectives in the country are “close to completion.”

He warned that Tehran could face strikes on its power plants if it fails to agree to a deal, and added that Iran could be pushed back to the “stone age” if hostilities escalate further.

Trump also declared that the U.S. will no longer rely on oil imports from the Strait of Hormuz, emphasizing that countries dependent on the crucial oil transit route must take responsibility for its protection.

The market reaction showed heightened concerns over supply disruptions, with noting that the speech emphasized the possibility of prolonged conflict and further volatility in energy prices.

Investors continue to monitor developments closely, as tensions in the region show little sign of easing.

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