International oil prices began climbing again after U.S. President Donald Trump warned in a nationally televised address that he would strike Iran "extremely hard" over two to three weeks if no deal is reached, reversing two days of declines.
According to Bloomberg, as of 10:40 p.m. local time on the 1st, West Texas Intermediate (WTI) crude futures for May delivery were trading at $104.07 per barrel on the New York Mercantile Exchange, up $3.95 (3.95%) from the previous session. Brent crude futures on the ICE Futures Exchange in London were trading at $105.69, up $4.56 (4.51%).
Oil prices had fallen for two consecutive days ahead of Trump's address as expectations for a ceasefire grew. WTI futures, which had declined 1.46% the day before, closed at $100.12 per barrel on the day, down another 1.24%. Brent crude futures settled at $101.16 per barrel, down 2.7%.
The post-close rebound in oil prices was driven by the content of Trump's nationally televised address on the Iran conflict, which began at 9 p.m. that day. Trump said negotiations with Iran were ongoing but stressed, "If a deal is not reached, we will strike Iran's power plants very strongly, probably simultaneously." He also reiterated his demand regarding a potential blockade of the Strait of Hormuz, which handles approximately 20% of the world's oil shipments, saying countries dependent on Middle Eastern oil and gas must either protect the strait themselves or purchase American oil.
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