Ice Brent futures rallied in early Asian trading, after US president Donald Trump pledged to "finish the job" quickly in Iran.
The Ice front-month June Brent contract was at $106.75/bl at 04:00 GMT, up by $5.59/bl from its settlement on 1 April, when it ended $2.81/bl lower.
The Nymex front-month May crude contract was at $104.71/bl, higher by $4.59/bl from its settlement on 11 April, when it ended $1.26/bl lower.
In his first prime time address to the US public since launching the war with Iran on 28 February, Trump made no new announcements about his plans for the course of the conflict.
US armed forces have achieved "overwhelming victories on the battlefield", Trump said. Even so, Trump said that he expects the war will continue for weeks, during continued negotiations with Iran and despite his claim earlier in the day that Tehran had asked for a ceasefire.
"We're going to hit them extremely hard over the next 2-3 weeks," Trump vowed. "We're going to bring them back to the stone ages, where they belong."
Trump used the speech to repeat messages he had posted over the last few days on his social media platform. Countries that depend on oil shipped through the strait of Hormuz should "build up some delayed courage", Trump said, and take control of the waterway, where 20pc of global oil flows.
Trump openly mocked those countries that refused to join the US war effort and now can not get enough oil with the strait largely closed to traffic. "I have a suggestion: Buy oil from the United States of America," Trump said. "We have plenty. We have so much."
And Trump mused that when the conflict ends, "the strait will open up naturally", since Iran will want to sell oil to rebuild.
Iranian president Masoud Pezeshkian said late on 31 March that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end, but only once it has ironclad guarantees that they will not attack Iran in the future.
The war in the Middle East is in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran.
Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states.
Ice Brent futures rallied in early Asian trading, after US president Donald Trump pledged to "finish the job" quickly in Iran.
The Ice front-month June Brent contract was at $106.75/bl at 04:00 GMT, up by $5.59/bl from its settlement on 1 April, when it ended $2.81/bl lower.
The Nymex front-month May crude contract was at $104.71/bl, higher by $4.59/bl from its settlement on 11 April, when it ended $1.26/bl lower.
In his first prime time address to the US public since launching the war with Iran on 28 February, Trump made no new announcements about his plans for the course of the conflict.
US armed forces have achieved "overwhelming victories on the battlefield", Trump said. Even so, Trump said that he expects the war will continue for weeks, during continued negotiations with Iran and despite his claim earlier in the day that Tehran had asked for a ceasefire.
"We're going to hit them extremely hard over the next 2-3 weeks," Trump vowed. "We're going to bring them back to the stone ages, where they belong."
Trump used the speech to repeat messages he had posted over the last few days on his social media platform. Countries that depend on oil shipped through the strait of Hormuz should "build up some delayed courage", Trump said, and take control of the waterway, where 20pc of global oil flows.
Trump openly mocked those countries that refused to join the US war effort and now can not get enough oil with the strait largely closed to traffic. "I have a suggestion: Buy oil from the United States of America," Trump said. "We have plenty. We have so much."
And Trump mused that when the conflict ends, "the strait will open up naturally", since Iran will want to sell oil to rebuild.
Iranian president Masoud Pezeshkian said late on 31 March that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end, but only once it has ironclad guarantees that they will not attack Iran in the future.
The war in the Middle East is in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran.
Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states.
By YouLiang Chay