Global oil prices rose sharply following a televised address by U.S. President Donald Trump, in which he pledged to continue the war with Iran and threatened to bomb Iranian power plants. Within minutes of his remarks, the benchmark Brent crude price climbed more than 4 percent to exceed 105 dollars per barrel, while U.S. benchmark WTI rose over 3 percent to surpass 103 dollars per barrel.

The conflict began more than a month ago, during which Iran effectively closed the Strait of Hormuz, a key route for about 20 percent of the world’s oil supply. This closure has triggered a global energy crisis and driven fuel prices sharply higher, with U.S. gasoline prices surpassing 4 dollars per gallon. Despite the economic impact, Trump downplayed the significance of the disruption in his speech, asserting that the United States does not need the strait and suggesting that its allies should take responsibility for securing access.

The continued closure of the Strait of Hormuz and rising oil prices indicate sustained pressure on global energy markets if the conflict persists.