Oil Surges as Trump Signals Intensified Iran Strikes

Smoke rises from Thai bulk carrier “Mayuree Naree” near the Strait of Hormuz after an attack by Iran’s IRGC on March 11, 2026. Handout/Royal Thai Navy/AFP via Getty ImagesOil prices jumped sharply on Thursday after U.S. President Donald Trump signaled an escalation of military action against Iran, dampening hopes for a near-term diplomatic resolution and raising concerns about prolonged disruptions to global energy supplies.Benchmark Brent crude rose by $8.34, or 8.2 percent, to $109.50 per barrel by 7:39 a.m. ET, while U.S. West Texas Intermediate (WTI) gained $9.23, or 9.2 percent, to $109.35. Both contracts touched their highest levels since early March and were on track for their largest daily gains in three weeks, though still below peaks above $119 reached earlier in the conflict.