Crude oil prices jump to $105/bbl after Trump’s address to nation on US-Iran conflict, COMEX gold down 2%

Crude oil prices in the global market jumped to $105 per barrel (bbl) during the early market hours on Thursday, April 2, 2026, after US President Donald Trump’s address to the nation failed to chart a clear path for the potential end of the conflict between the United States and Iran.

In his national address on Wednesday, Trump also said that the US is set to “hit” Iran “extremely hard” over the next two or three weeks. This comes after the US leader’s repeated statements seeking a near-term end to the conflict.

Brent crude oil prices jumped to their $105 per bbl levels in the early market from their earlier levels of nearly a $100 per bbl at around 6:15 am (IST) on Thursday. Investing.com data showed that crude oil prices dropped to an intraday low of around $98 per bbl during Wednesday’s trading session, amid hopes of the US-Iran conflict ending in the next two to three weeks.

The West Texas Intermediate (WTI) crude oil also surged to hit a high of $104.24 per bbl on early market Thursday. This dynamic surge comes after a brief cooling period, where the oil prices were hovering around the $96.5 per bbl region on Wednesday.

Crude oil prices today

As of 7:25 am (IST), the Brent crude oil futures were trading 5.14% higher at $105.77 per bbl on Thursday, compared to $100.58 per bbl at the previous commodity market close, according to Investing.com data.

The US-based WTI crude oil prices were also trading 3.98% higher at $104.17 per bbl as of 7:26 am (IST) on April 2, compared to $100.12 at the previous trading close, as per the data.

Why are oil prices rising today?

Oil prices are rising on Thursday, April 2, as global investors did not find any signal or a specific timeline for the potential end of the US-Iran conflict in Trump’s address to the people of America.

On top of that, during his speech, Trump also threatened further escalation by highlighting that the United States will be hitting Iran ‘extremely hard’ over the next two to three weeks as the country now aims to wrap up the conflict by this month.

“We’re going to hit them extremely hard over the next two to three weeks,” said Donald Trump, reported the news portal CNBC. “We’re going to bring them back to the stone ages, where they belong.” Melissa Toufanian, senior adviser to former Secretary of State Antony Blinken, told the BBC that the American people are likely ‘more confused’ about the ongoing conflict between Iran and the United States after President Trump’s address to the nation.

In his 19-minute speech, Trump also said that the United States is an unstoppable military force and that the war is “a true investment” for the future generations of America, according to the report.

This speech comes at a time when the United Arab Emirates (UAE) is fending off Iranian missiles and drone threats, as reports suggest that the people of the country were alerted as the Gulf nation works towards intercepting the threats.

COMEX gold price today

The New York Mercantile Exchange-based COMEX gold prices were trading 2.2% lower at $4,677.30 per ounce as of 9:35 pm (EDT) on Wednesday, April 1, compared to $4,783.20 per ounce as of the previous commodity market session.

The gold prices fell under pressure of a higher dollar rate in the market amid the heightened uncertainty after Trump’s address. With the US dollar trading higher, the gold price will witness a subdued demand in the market due to the inverse relation with the global benchmark currency.

When the price of the US dollar is high, the buyers will be able to buy much less of the commodity at the same price which they used to get when the dollar rate was lower, hence drawing an inverse relationship with the asset.

Data collected from Bloomberg’s US dollar spot index showed that the greenback was up 0.27% to 99.925 as of 9:46 pm (EDT), compared to the previous currency market close level of 99.651.

US stocks overview

Although the US benchmark stock market indices closed higher after Wednesday’s trading session, the futures tanked after Trump’s address to the nation. Dow futures were down nearly 1%, S&P 500 futures were down over 1%, and Nasdaq futures tanked by 1.2% during the late hours on April 1.

After Wednesday’s market session, the Dow Jones Industrial Average closed 0.48% higher at 46,565.74 points, compared to 46,341.51 points at the previous stock market session. Stocks like Boeing, Caterpillar, and Goldman Sachs were among the gainers, while Nike, Chevron, and Verizon were among the laggards.

The S&P 500 closed 0.72% higher at 6,575.32 points, compared to 6,528.52 points at the previous market close. Stocks like Western Digital Corp., Sandisk Corp., and Micron Tech were among the gainers, while Nike, Texas Pacific Land Corp., and Exxon Mobil were among the losers.

The Nasdaq Composite closed 1.16% higher at 21,840.95 points, compared to 21,590.63 points at the previous market close, according to MarketWatch data. Stocks like Cyclerion Therapeutics, PMGC Holdings, and Axe Compute were among the gainers, while Smart Digital, Neo-Concept International, and Linkers Industries were among the losers.