Oil Prices Climb After Trump's Speech

(RTTNews) - Oil prices soared on Thursday after U.S. President Donald Trump did not give a clear timeline for ending the Middle East conflict in his highly anticipated prime-time address to the nation.

Instead, Trump said the U.S. military goals were "nearing completion," and that Iran would be hit "extremely hard over the next two to three weeks," damping hopes for a swift resolution to the conflict and raising the risk of more extensive damage to energy infrastructure throughout the Gulf.

Brent crude futures for June delivery jumped 7.4 percent to $108.62 a barrel, while WTI crude futures for May delivery were up 7 percent at $107.08.

Trump said Washington is 'getting very close' to achieving goals and the U.S. will bring Iran 'back to the Stone Ages where they belong' by striking hard in the next two to three weeks.

Meanwhile, Iran rejected Trump's claim that it had sought a ceasefire, asserting that the Strait of Hormuz would remain closed and that the vital transit route is firmly under IRGC Navy control.

There are growing fears that jet fuel supplies could be disrupted during the summer months if the war in Iran continues throughout April and beyond.

Iran has launched three barrages of missiles toward northern Israel since early today after Trump's televised address from the White House.

Amazon's cloud business in Bahrain was damaged on Wednesday due to an Iranian strike, according to the Financial Times.