- Oil prices jumped after President Donald Trump's speech offered no clear path to ending the Iran conflict.
- Trump's remarks are raising fears of escalation and threats to oil infrastructure and oil flows.
- Oil prices have climbed sharply since the start of the war in Iran.
Crude oil futures jumped on Wednesday night after President Donald Trump's highly anticipated speech on the Iran war provided little clarity on when the conflict might end.
Benchmark Brent futures were 4.5% higher at $105.70 per barrel at 9:35 p.m. ET on Wednesday. US West Texas Intermediate were 3.2% higher at $103.46 per barrel.
All three major US stock futures were lower.
Crude futures had settled lower earlier on Wednesday on hopes that Trump would claim victory in the conflict, but the American president did not commit to declaring an end to hostilities.
"We have not hit their oil, even though that's the easiest target of all, because it would not give them even a small chance of survival or rebuilding," Trump said.
The remarks sent oil prices higher as concerns resurfaced over prolonged disruptions to supply through the Strait of Hormuz.
Trump offered "absolutely nothing new" and provided no clarity on when the war might end in his address, Vandana Hari, founder of energy consultancy Vandana Insights, wrote on X.
Instead, he is signaling that "Iran better make a deal or the US will mount a bigger military campaign, won't spare oil infrastructure," she wrote.
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