Crude Oil Prices Surge After Trump Threatens Iran

Tensions escalate as US president warns of possible military action in coming weeks

Apr. 3, 2026 at 5:26pm

Got story updates? Submit your updates here. ›

A minimalist, abstract illustration featuring sharp-edged geometric shapes in shades of gray, blue, and red, conveying a sense of tension and volatility in the global oil market.Soaring oil prices and escalating US-Iran tensions cast a dark cloud over the global energy landscape.Washington Today

Crude oil prices rose sharply on Thursday, April 2, after US President Donald Trump warned of a potential escalation of military action against Iran within the next two to three weeks. The price of West Texas Intermediate (WTI) crude oil increased by 10% to $110.21 per barrel, while Brent crude rose 8% to $109.25 per barrel.

Why it matters

The spike in oil prices reflects growing concerns about potential disruptions to global energy supplies due to heightened tensions between the US and Iran. Trump's aggressive rhetoric and threats of military strikes have raised fears of further attacks on oil infrastructure in the Middle East, which could lead to supply shortages and price volatility.

The details

Trump attributed the price surge to 'crazy terrorist attacks' by Iran against commercial oil tankers and neighboring countries. He warned that the US could strike Iran 'extremely hard' and send it 'back to the Stone Age,' raising worries about additional damage to energy infrastructure in the region. The US and Israel had previously launched joint attacks against Iran, killing several high-ranking officials, including the supreme leader Ayatollah Ali Khamenei. In retaliation, Iran has carried out missile and drone strikes against US bases and oil facilities in the Gulf, as well as nearly blocking the Strait of Hormuz, a critical global oil chokepoint.

  • On April 2, crude oil prices rose by 10% for WTI and 8% for Brent.
  • In late February, the US and Israel launched joint attacks against Iran, killing several top officials.

The players

Donald Trump

The President of the United States, who has threatened to escalate military action against Iran in the coming weeks.

Iran

The Islamic Republic of Iran, which has retaliated against US and Israeli attacks with missile and drone strikes, as well as attempts to block the Strait of Hormuz.

Ayatollah Ali Khamenei

The former supreme leader of Iran, who was killed in the joint US-Israeli attacks in late February.

Got photos? Submit your photos here. ›

What they’re saying

“We are close to achieving our strategic objectives in Iran and military operations could intensify in the next two or three weeks.”

— Donald Trump, President of the United States

“The US could strike Iran 'extremely hard,' sending it 'back to the Stone Age,'”

— Donald Trump, President of the United States

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

The escalating tensions between the US and Iran have led to a sharp increase in global oil prices, raising concerns about potential supply disruptions and further military conflict in the Middle East. This situation highlights the fragility of global energy markets and the need for diplomatic solutions to de-escalate regional tensions.