Oil prices rise 4 percent on continued Iran conflict

In Singapore, oil markets reacted sharply on Thursday as prices surged following comments from the United States regarding ongoing military operations. President Donald Trump announced that the American military would maintain its offensive against Iran, specifically targeting energy and oil infrastructure over the coming weeks, while declining to provide a definitive end date for the conflict. The global benchmarks saw significant gains during early trading hours. Brent Crude Oil futures increased by $4.88, or 4.8%, reaching $106.04 per barrel. Simultaneously, West Texas Oil futures climbed $4.17, or 4.2%, to trade at $104.29 per barrel. These rallies reversed a downward trend seen earlier in the day when both benchmarks had dipped by more than $1 prior to the presidential address. During a televised national address, Trump indicated that while the military had nearly achieved its primary objectives in the war with Iran, the campaign would persist until completion. > "We are going to finish the job, and were going to finish it very fast. Were getting very close," he said. Maritime security concerns have escalated alongside the regional conflict. On Wednesday, a tanker leased by QatarEnergy was struck by an Iranian cruise missile while operating within the territorial waters of Qatar, according to the nation's defense ministry. The International Energy Agency has warned that the impact of these supply disruptions will become increasingly evident in Europe starting this April. While the continent had been partially insulated by existing contracts signed before the outbreak of hostilities, the head of the agency cautioned that the economic buffer is beginning to erode as the war continues.