A worker operates valves at the Rumaila oil field, as the country cuts nearly 1.5 million barrels per day of output amid halted exports following the closure of the Strait of Hormuz, in Basra, Iraq, March 4, 2026.— Reuters
Oil prices surged Thursday after Donald Trump’s address to the nation did little to soothe investor worries over the closure of the strategic Strait of Hormuz, with the US president calling on other nations to help reopen it.
Brent jumped more than 4% to as high as $105.55, while West Texas Intermediate climbed 3% to hit $103.16. Both contracts had been falling before the US president started his speech.
This is a developing story and is being updated with new details.
