Oil prices surge again after Trump delivers violent speech

Oil prices surged again on April 1, and Donald Trump dashed all hopes of a quick end to his war on Iran. Trump made a 19-minute speech on April 1 that sent fresh waves of anxiety through Wall Street and pushed gasoline prices higher for Americans and the rest of the world. In his address, President Donald Trump warned that U.S. strikes on Iran would intensify. The message confirmed fears that the Strait of Hormuz will remain in peril for the coming weeks. The Strait of Hormuz is a narrow waterway under Iranian control that carries roughly a fifth of the world's oil. Stock traders were hoping Trump's announcement would shine a light at the end of the tunnel, but instead it confirmed fears that energy industries will continue to suffer.

More of the same from Trump

When Trump announced he would be making a speech on April 1, experts began theorizing. Some believed that Donald Trump would announce a plan to end the war, giving Americans a rough timeline. Others believed he would announce an escalation: either confirming American troops in Iran or announcing other new operations. Instead, he reiterated the same talking points that he's been using since the beginning of March. Trump claimed once again that the war has already been won, even though the US continues to bomb Iran. Trump claimed that the war was necessary and that it would be wrapping up soon. Trump has previously said all three of these statements.

While Trump claimed that the war had already been won and that it will be over soon, he gave absolutely no details backing up his claims. Trump did not provide details on a deal with Iran to end the war, and Trump claimed on March 11 that the war would end ‘soon'. Trump reiterated that Iran is currently assembling a nuclear arsenal to use on America, but once again failed to provide evidence. Trump's own intelligence chief, Tulsi Gabbard, confirmed that “Iran is not building a nuclear weapon”. In a moment of perceived honesty, Trump admitted that the conflict is in part about settling scores with Iran.

This fanatical regime has been chanting, ‘Death to America. Death to Israel for 47 years. Their proxies were behind the murder of 241 Americans in the Marine barracks bombing in Beirut, the slaughter of hundreds of our service members with roadside bombs,

-Donald Trump

With Donald Trump apparently fighting for America's pride, the war with Iran has no end in sight.

Oil prices surge

Fuel prices are seen at BP gas station in Zakopane, Poland on April 1, 2026. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

On April 1, every single metric for tracking the price of crude oil and gasoline showed another hike. West Texas Intermediate crude, the U.S. benchmark, surged to around $109 a barrel for May delivery, up more than 9 percent. It landed at $100.12 on March 31. The price of Brent crude, the global benchmark for oil, jumped to $107 a barrel for June delivery, up 6 percent. On March 31, it settled at $101.16. This is the first time that West Texas Intermediate crude has risen above Brent since the war began. The difference in price is due to contrasting contract ending dates. WTI is referencing a price for a nearer delivery date, thus being more susceptible to current pressures affecting the industry.

Stock prices fall

The S&P 500 fell as much as 1.5 percent in early trading in New York on March 31, before recovering to trade roughly flat. The index rose 0.7 percent on April 1. Stock markets across Asia fell on March 2 after seeing a slight rise on the first of the month. The Nikkei 225 in Japan was down 2.4 percent, but stocks in South Korea were the worst performers, falling 4.5 percent. Stocks fell across Europe on April 2 as well. The Stoxx 600, a broad European index, fell 1.5 percent, with markets in Britain, France and Germany all sharply lower.

Gas prices up

In the U.S., Americans are feeling the consequences of their president's petulant war. Gas prices have risen nearly 40 percent since Trump attacked Iran, and National gas prices are now more than $4USD. Diesel prices have fared even worse, rising 47 percent since February 28. Diesel gas rose to an average of $5.51 on April 2. With full-size diesel pickups sporting tanks ranging from 20 to 40 gallons, American pickup truck drivers are spending more than $100 USD at the pump every time they fill.

Cost of war

TEHRAN, IRAN – MARCH 28: A large plume of smoke rises over Tehran after explosions were reported in the city during the night on March 28, 2026 in Tehran, Iran. The United States and Israel continued their joint attack on Iran that began on February 28. Iran retaliated by firing waves of missiles and drones at Israel, and targeting U.S. allies in the region. (Photo by Getty Images)

As of April 1, preliminary figures show harrowing victim counts across the Middle East. In Iran, more than 1,900 people have been killed by US and Israeli strikes. US forces have struck more than 7,000 locations in Iran, and alongside the 1,937 killed, another 24,800 Iranians have been injured, and more than 3 million people have been displaced. A US strike targeting an all-girls elementary school killed 168 children. In Lebanon, more than 1,000 people have been killed by Israeli strikes, with another 3,100 injured and more than 1 million civilians displaced. Thirteen US servicemembers have been killed, and 19 people have been killed in Israel. Since February 28, 168 people have been killed by Iranian strikes across Gulf Countries.

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