On April 2, 2026, President Donald Trump issued statements urging countries that rely on oil shipments through the Strait of Hormuz to take greater responsibility for securing the strategic waterway, emphasizing that 'the United States has done enough' in protecting it [1]. The Strait of Hormuz is a critical passage for global oil trade, and ongoing regional tensions have previously impacted oil prices and raised concerns over energy security [1].
Simultaneously, oil markets reacted sharply to Trump's warning of imminent military action against Iran, with U.S. West Texas Intermediate (WTI) crude futures for May rising 4.1% to $104.21 per barrel and international benchmark Brent crude futures for June climbing 5% to $106.42 per barrel as of 9:45 p.m. ET [2]. Trump stated in a national address that the U.S. would 'hit' Iran 'extremely hard' within the next two to three weeks, asserting, 'We're going to bring them back to the stone ages, where they belong' [2]. He also indicated that the conflict would not last long and that discussions with Tehran were ongoing, suggesting a diplomatic resolution remained possible [2].
Earlier, Trump claimed on Truth Social that Iran had requested a ceasefire, which could potentially reopen the Strait of Hormuz for oil tanker movement. However, Iran's 'New Regime President' denied Trump's assertion, stating that the waterway would not be reopened based on the U.S. leader's 'absurd displays' and that the IRGC Navy maintained control over the strait [2]. The two sides have frequently contradicted each other's claims regarding peace talks and the status of the strait since the U.S.-Israel war against Iran began on February 28, 2026 [2].
Market analysts note that any disruption in the Strait of Hormuz can lead to volatility in global oil markets, with technical analysis indicating upward pressure on oil prices if geopolitical risks escalate. Key resistance levels are identified near previous highs reached during past incidents in the region, while support levels for crude oil are expected around recent lows [1]. Brent oil briefly dipped below $100 per barrel after Trump suggested the U.S. military could wind down operations against Iran in 'two or three weeks,' but the ongoing uncertainty has kept market sentiment cautious [2][1].
CONCLUSION
President Trump's threats against Iran and calls for international responsibility over the Strait of Hormuz have triggered significant volatility in oil markets, with prices surging amid heightened geopolitical risks. The situation remains fluid, as conflicting statements from both sides and ongoing military operations continue to influence market sentiment and energy security concerns.