Oil prices surged more than 5% on April 2, crossing $106 per barrel, following comments by President Donald Trump. The remarks revived fears of escalating conflict in the Middle East, erasing recent hopes for de-escalation. The move came after prices had briefly dipped on peace prospects.
Brent crude futures climbed sharply, pushing oil above $106 a barrel, as reported by The Economic Times. President Donald Trump's speech heightened concerns over Middle East tensions, including supply risks near the Strait of Hormuz. This reversed a short-lived decline triggered by earlier de-escalation expectations in the region. Experts pointed to ongoing damage and persistent risks as factors likely to keep prices elevated. They foresee continued volatility in the near term amid geopolitical uncertainties. The jump underscores how sensitive oil markets remain to developments in the Middle East conflict zone. No specific production disruptions were noted, but the rhetoric alone drove the rapid price recovery.
