Trump's Iran Warning Sends Oil Prices Soaring 8% to Over $109 Per Barrel

Oil prices surged on April 3, 2026, after US President Donald Trump vowed to hit Iran 'extremely hard' over the coming weeks. In a televised speech, Trump's warning sent shockwaves through the market, causing Brent crude prices to jump by as much as 8% to over $109 per barrel. This marked a significant reversal of the previous day's drop, when hopes of a de-escalation in the Iran conflict had pushed international benchmark Brent crude below $100 per barrel.

The cost of oil produced in the US also increased, with a barrel of West Texas Intermediate (WTI) crude rising by 11% to $111 per barrel for the first time since March 9. The sharp spike in oil prices was largely attributed to Trump's hawkish stance on Iran, which sparked concerns about further escalation and potential disruptions to global energy supplies.