Crude oil prices trade near $105/bbl amid Trump’s statement on US-Iran conflict, COMEX gold up 1%; US indices rally over 2.5%

Crude oil prices in the global market were trading near the $105 per barrel (bbl) level during the early market hours on Wednesday, April 1, 2026, amid US President Donald Trump’s comments signalling a potential end to the US-Iran conflict ‘very soon’.

On Tuesday, Trump, in a post on Truth Social, also made a statement indicating that countries which do not support the United States can either buy oil from them or just use the Strait of Hormuz themselves to get the same from the Gulf countries in West Asia and fight for their energy resource imports.

Brent crude oil prices have risen over the last two days amid the rising uncertainty over the US-Iran conflict. The commodity futures surged to hit a high of $109.99 per bbl during the trading session on Tuesday, March 31, after opening at a lower rate of around $103 per bbl.

The West Texas Intermediate (WTI) crude oil prices also surged to hit their intraday high of $104.87 per bbl during Tuesday’s commodity market session after opening lower at around $101 per bbl levels, according to the data collected from Investing.com.

Crude oil prices today

As of 7:24 am (IST), the Brent crude oil prices were trading 2.5% higher at $105.86 per bbl on Wednesday, compared to $103.27 per bbl at the previous market close, according to Investing.com data.

The US-based WTI crude oil futures were trading 1.6% higher at $103.05 per bbl as of 7:25 am (IST) on April 1, compared to $101.38 at the previous commodity market close, as per the data.

What’s driving oil prices today?

On Tuesday, US President Donald Trump said that the United States could end its military strikes on Iran within the next two to three weeks and that the West Asian nation does not need to make a deal for the conflict to end, reported the news portal BBC.

In his address at the White House, Trump said, “We’ll be leaving soon… within two weeks, maybe two weeks, maybe three.”

“Iran doesn’t have to make a deal. No, they don’t have to make a deal with me,” Donald Trump told the media at the White House. These comments from the leader come at a time when the attacks in West Asia continue, with Israel striking key targets in Iran with heavy airpower.

The news portal also said that on Wednesday evening, US President Donald Trump is set to address the country.

In a separate post on Truth Social, Trump said that other countries will have to learn how to fight for themselves as the United States will not be there for them anymore.

“All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused to get involved in the decapitation of Iran, I have a suggestion for you: Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just TAKE IT,” said Trump. “Go get your own oil!” he said.

These developments have caused heightened uncertainty for a potential end to the US-Iran conflict despite Trump’s statement due to a lack of a fixed timeline.

COMEX gold today

The New York Mercantile Exchange-based COMEX gold prices were trading 1% higher at around $4,690 as of 9:55 pm (EDT), compared to $4,647.60 at the previous market close, according to the exchange data.

The gold prices were trading higher despite the continued pressure in the commodity market due to the higher demand for US dollars. The investors' sentiment was fueled by the uncertainty in the global market related to safe haven asset demand, prices of precious metals, and dollar index trading under the 100 psychological level.

Data collected from the Bloomberg US dollar spot index showed that the greenback was down 0.13% to 99.83 as of 10:00 pm (EDT), on Tuesday, March 31, 2026.

US market snapshot

Trump’s comments came during the trading hours of the US stock market, fuelling the benchmark stock indices by more than 2.5% in a single day on Tuesday, March 31, 2026.

The Dow Jones Industrial Average closed 2.5% higher at 46,341.51 points after Tuesday’s market session, compared to 45,216 points at the previous market close, according to MarketWatch data.

Stocks like Caterpillar Inc., Nvidia Corp., Boeing, and Goldman Sachs were among the gainers, while others like Chevron, Coca-Cola, and Verizon Communications were among the losers.

The S&P 500 index closed 2.9% higher at 6,528.52 points, compared to 6,343.72 points at the previous market session, MarketWatch data showed. Stocks like ON Semiconductor, Sandisk, Monolithic Power Systems, and Coinbase Global were among the gainers, while others like Constellation Energy, McCormick & Co., CF Industries, and EOG Resources were the losers.

The Nasdaq Composite rallied 3.83% to close at 21,590.63 points on Tuesday, compared to 20,794.64 points at the previous market close, according to MarketWatch data.

Stocks like Apellis Pharma, U-BX Technology, 3 E Network Technology, and PMGC Holdings were among other gainers, while companies like Smart Digital Group, Neo-Concept International, IO Biotech, and PepGen were among the losers.