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Oil surges as US crude jumps more than 11%, posting sharp weekly gains
Oil prices rose sharply during Thursday’s trading, recording weekly gains after US President Donald Trump confirmed the continuation and intensification of military operations against Iran.
US crude surged to close above benchmark Brent for the first time in nearly four years, amid concerns over prolonged supply disruptions, especially as hopes of reopening the Strait of Hormuz faded.
US President Donald Trump said in a speech that he intends to intensify strikes on Iran over the next two to three weeks, reinforcing market expectations that military escalation will precede any de-escalation efforts.
In trading, Brent crude futures for June delivery rose 7.78%, or $7.87, to $109.03 per barrel, posting weekly gains of 3.52%, marking the seventh consecutive weekly increase.
US Nymex crude futures for May delivery jumped 11.41%, or $11.42, to $111.54 per barrel, after touching $111.73 earlier in the session, marking the largest price increase since 2020 and posting weekly gains of 11.94%.
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