Oil prices rise after Trump speech as gold and silver fall

The average gasoline price in the US climbed above $4 per gallon Tuesday for the first time since 2022 as fighting in the Middle East triggered a sharp rise in oil prices in New York, United States on April 1, 2026. [Lokman Vural Elibol – Anadolu Agency]

Oil prices surged by more than four dollars after US President Donald Trump said the United States would continue its strikes on Iran, including energy and oil targets, in the coming weeks, without setting a clear timeline for ending the war.

Brent crude futures rose by $4.88, or 4.8 percent, to $106.04 a barrel by 2am GMT. US West Texas Intermediate crude futures climbed $4.17, or 4.2 percent, to $104.29 a barrel.

The gains came after both benchmarks had fallen by more than one dollar earlier today, Thursday, ahead of Trump’s speech, and had also declined at the close of the previous session.

In a televised address to the nation, Trump said the US military was close to completing its objectives in the war with Iran and that the conflict would end soon, but he did not provide a specific timeline.

“We will finish the job, and we will do it very soon. We’re getting very close,” he said.

READ: Most Americans want Iran war ended quickly, oppose ground troops: Polls

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