Oil prices surge as Trump's speech shatters hopes of a quick end to the war.

In the United States, President Trump's speech on the Iran war issue shattered hopes of a swift end to the Persian Gulf conflict, leading to a surge in crude oil futures. TP ICAP's Scott Shelton said in a report, "Oil prices have been under pressure for most of the week, but are now soaring due to the overnight speech, which seems to focus more on escalating tensions and 'completing the mission' rather than mentioning peace negotiations." He said that while this may be an effort to push Iran to the negotiating table, "the risk premium has just jumped." West Texas Intermediate crude oil rose 10% to $110.23 per barrel, while Brent crude rose 8% to $109.25 per barrel.