Oil Prices Surge Over 5% as Trump Warns US Will Hit Iran “Extremely Hard”

Oil prices jumped sharply on Thursday, climbing more than 5% after U.S. President Donald Trump signalled that the United States would maintain its military offensive against Iran for the next two to three weeks. Traders and analysts reacted to the announcement with concern over potential disruptions to global oil supplies, which have already been strained by the ongoing conflict in the Middle East.

In a prime-time address, Trump provided updates on the U.S. and Israeli military operations against Iran, which have now entered their 32nd day. “We are going to finish the job, and we’re going to finish it very fast… We’re going to hit them extremely hard over the next two to three weeks,” he said, warning that Iran’s capital could face intensified strikes in the coming days.

The markets responded immediately. Brent crude futures surged $6.33, or 6.3%, to $107.49 per barrel, while West Texas Intermediate crude rose $5.28, or 5.3%, to $105.40 per barrel. The prolonged closure of the Strait of Hormuz—a key transit route for around 20% of global crude—has added to fears of supply shortages, putting further pressure on energy prices worldwide.

The U.S. president also encouraged nations struggling to access fuel to either buy oil from the United States or “go to the strait and just take it.” While his tone regarding the Strait of Hormuz has softened compared to an earlier ultimatum, the waterway remains largely closed, keeping supply chains tight and prices elevated.

The conflict’s ripple effects are being felt globally, including in Nigeria, where fuel costs have risen sharply. Petrol prices now range from N1,300 to N1,350 per litre following adjustments by Dangote Refinery. Higher fuel costs have driven up the prices of essential goods, with food items like pepper and mackerel seeing increases of over 140% in major Lagos markets, further straining household budgets.

source: nairametrics