Oil price jumps and markets slide after Trump warning to Iran

<p>Brent crude rises 7% as US president vows to hit Iran ‘extremely hard’ over coming weeks</p><ul><li><p><a href="https://www.theguardian.com/business/live/2026/apr/02/uk-record-rise-fuel-prices-mortgage-shock-stock-markets-iran-war-oil-dollar-news-updates">Business live – latest updates</a></p></li></ul><p>Oil prices soared and stocks sank after Donald Trump vowed in a televised speech to hit Iran <a href="https://www.theguardian.com/us-news/2026/apr/01/trump-iran-war-address-white-house">“extremely hard” over the coming weeks</a>, knocking investors hopes of a near-term end to the conflict in the Middle East.</p><p>Brent crude prices jumped by more than 7% on Thursday morning to pass $108.50 a barrel, reversing <a href="https://www.theguardian.com/world/2026/apr/01/iran-war-oil-prices-trump-crude-stock-markets-business-us-israel-middle-east">Wednesday’s drop</a> when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.</p> <a href="https://www.theguardian.com/business/2026/apr/02/oil-price-rises-markets-slide-following-trump-iran-war-address">Continue reading...</a>