Oil rises at close; Brent above $111

Oil posts weekly gains after US President signaled continued military operations against Iran

Oil prices jumped sharply on Thursday, securing weekly gains after US President Donald Trump signaled continued and intensified military operations against Iran.

Brent crude for June delivery rose 7.78% ($7.87) to settle at $109.03 per barrel, marking a seventh consecutive weekly gain (+3.52%).

US WTI crude for May delivery surged 11.41% ($11.42) to $111.54, after touching $111.73 earlier—its largest price increase since 2020—bringing weekly gains to 11.94%.

The rally pushed US crude above Brent for the first time in nearly four years, driven by mounting concerns over prolonged supply disruptions, particularly with no signs of the Strait of Hormuz reopening.

Markets were further supported after Trump indicated strikes on Iran would intensify over the next two to three weeks, reinforcing expectations that escalation will precede any de-escalation efforts.