Latest Oil Market News and Analysis for April 2

Oil Jumps as Trump Threatens War Escalation Over Coming Weeks
Oil surged after President Donald Trump vowed an escalation to the war in Iran over coming weeks, damping hopes of a swift resolution and prolonging disruptions to energy flows through the vital Strait of Hormuz.
Brent climbed above $107 a barrel and West Texas Intermediate was near $105 following Trump’s rare prime-time address to the nation, where he cast the war as a success. The president said the US would hit Iran “extremely hard” over the next two to three weeks, and that Hormuz would open “naturally” after the conflict ends, without offering details or a clear timeline.