Crude Oil: WTI breaks above $110 per barrel, Trump threatens to escalate Iran conflict

WTI rises above $110 a barrel; earlier, U.S. President Donald Trump threatened to escalate U.S. involvement in the conflict with Iran in the coming weeks, which could extend the period during which energy supplies through the Strait of Hormuz are disrupted.

WTI surged 11%, with the global benchmark Brent settling at around $109.

European diesel futures benchmarks rose above $200 a barrel, the first time since 2022.

Spot Brent crude oil prices jumped to a 2023 high.

The rally followed immediately after Trump’s nationwide address late Wednesday, during which he hinted that any near-term strikes against Iran could be escalated, and said that after the conflict ends, the Strait of Hormuz would “naturally” reopen.

Trump’s unexpectedly tough remarks pushed the WTI spot-month spread to briefly exceed $16 a barrel on Thursday.

“The market was not prepared for this,” TC ICAP energy expert Scott Shelton said. “Investors had expected softer comments, but it turned out to be just the opposite.”

After a report said Iran is drafting an agreement with Oman to regulate passage through the strait, oil prices fell back from their intraday highs.

Russia’s presidential aide, Ushakov, said the Strait of Hormuz remains open to Russia.

On Thursday, Iran continued launching attacks in the Persian Gulf and showed no willingness to start negotiations.

During the New York session, WTI May futures rose 11%, settling at $111.54 a barrel;

Brent June futures’ settlement rose 7.8%, to $109.03 a barrel.

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