Oil prices have surged and global markets have fallen Today being Thursday, April 2, 2026, after US President Donald Trump announced that American forces would continue military strikes on Iran for another two to three weeks amid the closure of the Strait of Hormuz, which has disrupted global energy supplies, according to AFP.
In his first prime-time address since the conflict began, Trump urged countries dependent on the waterway to secure their own energy resources and stated that US forces would achieve all battlefield objectives “very, very shortly,” while warning that Iran would be brought “back to the Stone Ages.” The address dented a fragile market recovery, previously fueled by Trump’s remarks that the war would end soon, while Iranian officials insisted their country had the “necessary will” to continue.
Brent crude jumped nearly 7% to $108.15 per barrel, and West Texas Intermediate rose more than 6% to $106.75, reflecting the sharp market reaction on Thursday. Global equities also fell, with Seoul down 4%, while Tokyo, Hong Kong, Shanghai, Mumbai, Singapore, Taipei, Bangkok, Jakarta, Sydney, London, Paris, and Frankfurt all posted losses. Analysts said the address indicated “unfinished business,” increasing volatility in commodities and equities.
Amid the crisis, UK Prime Minister Keir Starmer announced a meeting of 35 nations to discuss reopening the Strait of Hormuz. World Bank Managing Director Paschal Donohoe highlighted risks to inflation, employment, and food security, while South Korean President Lee Jae Myung proposed a $17.2 billion supplementary budget, noting that the country’s economy was being treated “on a wartime footing.”
Key market indicators at 0810 GMT included: Brent North Sea Crude at $107.73 (+6.5%), West Texas Intermediate at $106.31 (+6.2%), Tokyo Nikkei 225 at 52,463.27 (-2.4%), London FTSE 100 at 10,332.99 (-0.3%), Euro/dollar at $1.1531, Pound/dollar at $1.3216, and Dollar/yen at 159.57.
Source: AFP
