Athira Sethu
Kochi, 2 April 2026
Oil prices fluctuated a lot on Thursday. Prices fell to near $100 a barrel in the morning but then rose sharply after US President Donald Trump’s speech to the nation. However, people remained apprehensive as the speech did not alleviate the concern over the situation in the Strait of Hormuz. Trump urged other nations to join him in reopening the important oil route.
During the day, oil prices fell by more than $1 a barrel as investors waited for the speech by Trump. Brent crude fell by $1.16 to reach $100 a barrel, while US West Texas Intermediate crude fell by $1.41 to reach $98.71 a barrel. Prices had already been declining the day before after Trump told reporters that the conflict would end “fairly soon.”
Oil prices rose sharply after the speech by Trump. Brent crude rose by more than 4 percent to reach $106 a barrel, while US West Texas Intermediate crude rose by 3 percent to reach $103 a barrel. These had been declining before the speech by Trump.
Trump addressed the nation from the White House at 9 pm. He mentioned developments regarding the war and said that America wants to stop Iran from making missiles, weakening their navy, stopping their allies from causing problems, and preventing them from obtaining a nuclear weapon.
He told other countries that need fuel to buy oil from America and asked those countries to help open the Strait of Hormuz. Trump claimed that Iran was greatly weakened and that their missiles, drones, and weapons plants were destroyed. He added that Iran’s navy and air force were destroyed and that their leaders were killed.
It was Trump’s first address to the nation since attacks with Israel began over a month ago. Trump claimed that US forces have been victorious and powerful over the past four weeks.
The speech was given while the war in the Middle East is still ongoing and while Iran is still controlling the Strait of Hormuz and stopping oil from moving smoothly around the world.
