Trump's Speech Fuels Oil Price Surge Above $100

Earlier in the week, crude oil prices briefly dipped after Trump indicated openness to ending the war without the Strait of Hormuz reopening condition, as reported by WSJ. However, Trump later contradicted this stance on Truth Social, demanding the Strait's reopening for any ceasefire and issuing threats against Iran.

The White House subsequently confirmed Trump would reiterate a 2-3 week timeline for ending the war, which extends significantly beyond the current ceasefire window set to expire on April 6. This prolonged timeline and renewed geopolitical uncertainty are expected to keep oil prices firmly supported.

Technically, WTI crude recovered losses, now trading near weekly highs, with buyers anticipated to enter around the $93.00 zone for a rally, while sellers target $78.00 on a break. Upcoming US Jobless Claims and NFP reports will serve as immediate economic catalysts.