01 Apr , 2026 By : Debdeep Gupta
Crude oil prices extended gains in Asian trading on Wednesday as escalating attacks in the Persian Gulf and comments from Donald Trump on a possible early U.S. exit from Iran kept markets on edge, even as the Strait of Hormuz remains largely closed.
Brent crude for June delivery rose 1.5 percent to $105.56 a barrel, after the May contract settled about 5 percent higher at $118.35 per barrel in the previous session. U.S. West Texas Intermediate (WTI) crude for May was also up 1.5 percent at $102.92 a barrel.
Oil prices surged sharply in March, with Brent gaining more than 60 percent in its strongest monthly rally since 1988. WTI rose about 51 percent over the same period, marking its best monthly performance since May 2020.
The price gains come amid continued military hostilities linked to the ongoing conflict involving Iran, which began on February 28. The campaign involving U.S. and Israeli forces has disrupted energy supplies from the region, which accounts for a significant share of global oil production.
The Strait of Hormuz, a critical shipping route connecting the Persian Gulf to the Gulf of Oman, has been largely shut since the conflict escalated. The waterway typically handles about 20 percent of global oil flows, according to widely cited industry estimates.
Speaking to reporters at the White House on Tuesday, Trump said U.S. forces could leave Iran within “two or three weeks,” suggesting a possible drawdown of military operations. “We leave because there’s no reason for us to do this,” he said, adding that the U.S. would be “leaving very soon.”
Trump also said that a negotiated settlement with Iran was not necessary, stating that “Iran doesn’t have to make a deal,” and described the situation as involving a “new regime.” He reiterated his position that U.S. actions had prevented Iran from developing nuclear weapons.
Later on Tuesday, White House spokesperson Karoline Leavitt said in a post on X that Trump would deliver a national address at 9 p.m. ET on Wednesday to provide an “important update” on Iran.
Military tensions continued to escalate. Iran’s Islamic Revolutionary Guard Corps said it would begin targeting U.S. companies operating in the region from Wednesday. The list included major firms such as Google, Microsoft, Apple, Intel, IBM, Tesla and Boeing.
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