Smoke rises from an oil warehouse on the outskirts of Erbil, the capital of Iraq’s Kurdistan Region, following a suspected drone strike on April 1, 2026. Gailan Haji / Middle East Images / AFP via Getty Images
Oil prices jumped sharply on Thursday after U.S. President Donald Trump signaled an escalation of military action against Iran, dampening hopes for a near-term diplomatic resolution and raising concerns about prolonged disruptions to global energy supplies.
Benchmark Brent crude rose by $8.34, or 8.2 percent, to $109.50 per barrel by 7:39 a.m. ET, while U.S. West Texas Intermediate (WTI) gained $9.23, or 9.2 percent, to $109.35. Both contracts touched their highest levels since early March and were on track for their largest daily gains in three weeks, though still below peaks above $119 reached earlier in the conflict.
