President Trump’s vow Thursday to continue the military campaign against Iran with no let-up provided little comfort to oil markets, which remained near $100 a barrel as the conflict continued to disrupt energy supplies across the Middle East. Trump described the campaign as unfinished business and pledged to “finish the job,” while simultaneously announcing the release of emergency petroleum reserves to ease prices for American consumers. The dual signals of continued war and emergency supply measures left markets uncertain about what comes next.
Iranian forces struck merchant ships near the Strait of Hormuz, fuel tanks in Bahrain, tankers near Iraq’s oil ports, and facilities adjacent to Oman’s Mina Al Fahal terminal. Three crew members aboard the Thai-registered Mayuree Naree were reported trapped. Iraq suspended all crude exports and Oman cleared its main export terminal of vessels as a precaution.
Brent crude gained around 6% Thursday to settle near $98 after briefly touching $100.29. West Texas Intermediate rose 8.6% to $94.75. Oil has surged from $60 at the start of 2026 to a weekly peak of $119. The Strait of Hormuz has been closed since February 28. Iran’s military warned of $200-per-barrel oil.
The United States announced a 172-million-barrel release from its Strategic Petroleum Reserve as part of the broader IEA coordinated action of 400 million barrels from 32 nations. Energy Secretary Chris Wright said deliveries would begin within a week. He accused Iran of deliberately manipulating and threatening the energy security of America and its allies.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned of stagflation risks. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European gas added 7.7%.