Global oil prices rose sharply on Thursday following renewed warnings from the White House that the United States may escalate military action against Iran if Tehran does not recognize its defeat in the ongoing conflict.
As of 11:30 a.m. WAT, WTI crude was trading at $92.90 per barrel, up 2.86%, while Brent crude reached $105.50 per barrel, gaining 3.25%.
White House Press Secretary Karoline Leavitt reiterated on Wednesday that President Donald Trump is prepared to intensify strikes if Iran fails to accept the reality of its military position. “President Trump does not bluff and he is prepared to unleash hell. Iran should not miscalculate again,” Leavitt said during a press briefing in Washington. She added that any refusal by Tehran to acknowledge its defeat could result in the country being “hit harder than they have ever been hit before.”
The statement comes as the U.S.-Israeli conflict with Iran enters its fourth week, amid ongoing mediation efforts by countries including Pakistan, Turkey, and Egypt. Leavitt confirmed that talks with Iran continue and described them as “productive,” despite Tehran having initially rejected parts of a U.S. proposal to end the war.
Market analysts note that the geopolitical tensions have heightened concerns over energy supply disruptions, particularly in crude and refined products. The risk of further escalation has contributed to increased buying activity in global oil markets, pushing prices higher.
Earlier reports suggested Washington had sent Tehran a 15-point plan to end the conflict. Leavitt clarified that while some elements are true, not all media accounts of the plan were accurate, and she declined to provide specifics at the briefing.
The surge in oil prices reflects investors’ heightened sensitivity to Middle East developments, which continue to influence global energy security and inflation expectations.