WASHINGTON (dpa-AFX) - Rebounding from yesterday's plunge, crude oil has catapulted on Thursday as concerns of supply disruptions due to a protracted war in gulf increased following U.S. President Donald Trump's address to the nation yesterday.
WTI Crude Oil for May month delivery was last seen trading up by $11.94 (or 11.93%) at $112.06 per barrel.
Yesterday, Trump addressed the nation to offer a snapshot on the current situation in the U.S.-Israel led war against Iran as it approaches the sixth week.
Trump's first formal address on the conflict lasted around 19 minutes, was televised from the White House, and anticipated eagerly all over the world to get information on when the war will end.
Trump asserted that the core strategic objectives for beginning the attacks are nearing completion.
Trump estimates the war to go on for another two to three weeks during which Iran will be hit extremely hard by U.S. forces. However, though Trump affirmed that the U.S. will finish its job very fast, he did not offer any other details.
Priding on the fact that the forces have deprived Iran of its naval, army, and air force and made them incapable of developing a nuclear weapon, Trump asserted that the operation would ultimately push Iran back to the 'stone ages.'
A day before, Trump had insisted that the war would be over in possibly three weeks, irrespective of whether a deal with Iran is made or not.
Iran defied Trump's threats and continued attacking Israel and Bahrain. Saudi Arabia also reported intercepting Iranian missiles.
Iran had previously struck a QatarEnergy oil tanker and hit Kuwait's airport.
The U.S. Embassy in Baghdad, Iraq, alerted all U.S. citizens to leave Iraq, apparently for security reasons.
On their part, the U.S.-Israeli forces hit a leading health research institution, Pasteur Institute in Iran (established in 1920).
Israel also continued its strike on southern suburbs in Beirut, Lebanon.
Hours before Trump's speech, Iran's President Masoud Pezeshkian penned a letter to the American public asking them to question the rationale behind the U.S. beginning this war.
The Strait of Hormuz, a key seaway for transporting oil from Arab nations to the rest of the world has been severely disrupted since the conflict began.
Initially, Trump's mission looked to wrest control of the strait from Iran but of late, reversing his stance, Trump urged countries that buy oil from the Middle East to take that responsibility. Trump went on to name South Korea, Japan, or China to shoulder the burden.
Decoding Trump's message, experts raised concerns about the fallout of the war extending for a few more weeks.
Financial markets fell sharply, while oil prices skyrocketed and the U.S. dollar climbed.
The U.S. dollar index was last seen trading at 100.02, up by 0.46 points (or 0.46%) today.
Of note, Thursday marks the final trading day of this trading week as markets remain closed on Friday on account of the Good Friday holiday.
Energy experts are also concerned that a protracted war could result in 'demand destruction,' a situation where high prices due to restricted supply sharply reduces demand, which could pose a fresh challenge to the markets.
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