Oil prices rose sharply by more than $5 in today's Asian trade after US President Donald Trump said that Washington would continue attacks on Iran, without specifying a specific deadline for ending the conflict, Reuters reported, quoted by BTA.
Brent futures rose by $6.33, or 6.3 percent, to $107.49 per barrel.
Quotes for US light crude oil (WTI) also recorded a significant increase – by $5.28, or 5.3 percent, to $105.40 a barrel.
The rise followed earlier declines of more than $1 in both major benchmarks before Trump's televised address, as well as declines at the close of the previous session.
“We're going to get it done and we're going to get it done very quickly. We're very close,“ Trump said, adding that the US military had almost achieved its objectives in the conflict, which could end within two to three weeks, without giving specific details.
According to analysts, markets are reacting to the lack of clarity about a possible ceasefire or diplomatic efforts. If tensions escalate or risks to shipping increase, oil prices could reach new highs on concerns about supply disruptions.
Risks to shipping in the region are increasing. Yesterday, an oil tanker chartered by the Qatari company "QatarEnergy" was hit by an Iranian cruise missile in Qatari waters, the country's defense ministry announced.
The head of the International Energy Agency, Fatih Birol, also warned that possible supply disruptions would begin to affect the European economy as early as April, after the continent had so far been protected by previously agreed supplies.
Experts note that in the absence of a clear plan for de-escalation, markets remain sensitive to any signals from the US administration and the development of the conflict in the region.