Oil prices surge with Brent rising 5% as Trump vows to hit Iran 'extremely hard' within weeks

The Liberia-flagged crude oil tanker Shenlong Suezmax successfully docked at Mumbai Port after navigating the high-risk Strait of Hormuz amid the intensifying West Asia conflict on March 11, 2026 in Mumbai, India.

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Oil jumped in volatile trading as U.S. President Donald Trump warned of further military aggression against Iran in the next two or three weeks, dampening hopes for an imminent de-escalation in the conflict.

U.S. 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.

Trump said the U.S. will “hit” Iran “extremely hard” over the next two or three weeks during a national address on Wednesday. “We’re going to hit them extremely hard over the next two to three weeks,” he said. “We’re going to bring them back to the stone ages, where they belong.”

Trump added 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.

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Earlier on Wednesday, Trump said in a post on Truth Social that Iran had asked for a ceasefire, raising hopes for more oil tanker movement through the Strait of Hormuz. Traffic in the vital strait, which used to see 20% of the world’s oil and gas flows through, has effectively ground to a halt since the U.S.-Israel war against Iran began on Feb. 28.

Iran’s “New Regime President” has asked the U.S. for a ceasefire, a request will only be considered if the Strait of Hormuz is “open, free, and clear,” Trump said. “Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”

The Islamic Republic, however, has denied Trump’s claim, saying that the waterway won’t be reopened based on the U.S. leader’s “absurd displays” and that the key transit route remains “decisively and dominantly under the control of the IRGC Navy.”

The two sides have frequently contradicted each other’s claims about the existence and status of peace-deal talks since the war started. Trump has also sent conflicting signals, reportedly saying negotiations were close to producing a peace deal, but the U.S. was also prepared to escalate fighting by sending thousands of troops to the region.

Brent oil dipped below $100 per barrel for the first time in a week after Trump said Tuesday evening that he expected the U.S. military to wind down operations against Iran in “two or three weeks” and appeared to be declaring victory even without a negotiated deal with Iran. “We’ll be leaving very soon,” he said.

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