Trump's Iran Threat Sends Oil Prices Soaring Nearly 7%

Oil prices surged nearly 7% on Thursday after US President Donald Trump's televised speech to the nation, where he announced that attacks on Iran would continue. The Brent crude futures jumped $7.65, or 7.6%, to $108.81 per barrel at 0902 GMT.

The WTI crude futures were up $7.06, or 7.1%, at $107.18 per barrel. Both benchmarks were heading for the biggest daily gains in absolute and percentage terms in three weeks.

Trump's speech did not provide any details on a ceasefire or diplomatic engagement with Iran, which has heightened concerns of prolonged disruptions to oil supply.

Priyanka Sachdeva, senior market analyst at Phillip Nova, noted that the absence of any clear mention of a ceasefire or diplomatic engagement in Trump's speech was driving markets' reactions.