Brent crude surges past $105 after Trump speech, WTI tops $103

Brent jumped more than four percent to as high as $105.55, while West Texas Intermediate climbed three percent to hit $103.16.

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.

Prices are displayed at a RW and Marathon gas stations, Wednesday, April 1, 2026, in Miami, Fla. (AP Photo/Marta Lavandier) (AP)

Brent jumped more than four percent to as high as $105.55, while West Texas Intermediate climbed three percent to hit $103.16. Both contracts had been falling before the US president started his speech.