Global markets impacted as oil prices surge following threats to Iran

On Thursday, oil prices experienced significant gains following a speech by U.S. President Donald Trump, in which he vowed more aggressive military strikes against Iran. Brent crude rose by 7.7% to close at $109.03 per barrel, while WTI increased by 11.4% to reach $111.54 per barrel. Over the past month, WTI has surged by 49% and Brent by 33% due to rising geopolitical tensions. President Trump stated that military operations would intensify over the coming two to three weeks, specifically mentioning the potential targeting of Iran's energy infrastructure if the country does not agree to U.S. terms. In response, Iranian military spokesperson Ebrahim Zolfaqari warned of broader and more destructive attacks against the U.S. and Israel, stating that hostilities would continue until the surrender of their enemies. Additionally, a bridge bombing in Tehran has been reported, resulting in eight fatalities and 95 injuries. Markets are currently concerned about the potential for Iran to block the Strait of Hormuz, a critical energy supply route. The U.S. administration is currently in discussions with other nations regarding strategies to secure the strait.