TEMPO.CO, Jakarta - Oil prices rose more than 4% in volatile trading as US President Donald Trump gave an update on the Iran war and warned of more military aggression against Iran in the coming two or three weeks, damping prospects for an immediate de-escalation in the dispute.
Brent crude, the international standard, jumped 5% to $106.22 (€92) per barrel, while benchmark US crude rose 4.2% to $104.36 a barrel, according to DW report.
Tokyo’s Nikkei 225 was down 1.4% to 53,004.81 in early Asia trading on Thursday. South Korea’s Kospi lost 3.4% to 5,292.36. Hong Kong’s Hang Seng fell 0.8% to 25,082.59.
US stock futures, meanwhile, slid 1% and European futures sank over 1.5%.
US West Texas Intermediate crude futures for May gained 4.1% to $104.21 a barrel as of 9:45 p.m. ET. International benchmark Brent crude futures for June rose 5% to $106.42 per barrel.
As cited by CNBC, Trump in his speech attributed the increase in oil prices to the “Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.”
He said the US will “hit” Iran “extremely hard” over the next two or three weeks during a national address on Wednesday, while adding that the war won’t last long and discussions with Tehran “are ongoing,” leaving a diplomatic resolution on the table.
“We are going to finish the job, and we’re going to finish it very fast,” he said.
Read: Trump's Iran War Speech Says Conflict Nears End, Risks Escalation
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