Oil prices volatile amid rising US-Iran military tensions

Global oil prices experienced significant volatility on Thursday following a televised address by U.S. President Donald Trump regarding the conflict with Iran. Brent crude closed at approximately 109.03 dollars per barrel, while West Texas Intermediate (WTI) surged to over 111 dollars, with some reports citing spot prices as high as 141.36 dollars due to physical supply shortages. President Trump threatened further military strikes against Iran over the next two to three weeks, despite previous signals of potential de-escalation. The Strait of Hormuz remains largely closed for over a month, disrupting roughly 20 percent of global oil flows and causing what the International Energy Agency describes as a historic supply interruption. Tehran has warned of broader and more catastrophic retaliatory actions in response to the U.S. threats. Consequently, international stock markets, including those in Frankfurt, Paris, and on Wall Street, recorded significant declines. Investors remain in a 'risk-off' state as conflicting signals from the White House regarding the duration and intent of military operations create deep uncertainty in energy and financial markets.