US crude futures climbed nearly 3% to $90.76 a barrel, while Brent crude, the global benchmark, rose more than 2% to $93.80 a barrel by 12:02 p.m. ET.
The gains came after Trump signaled additional attacks on Iran, saying, “We hit them hard yesterday, and we’re going to hit them hard again today. We’re going to be attacking them and attacking them very hard.”
The latest escalation follows US military strikes on Iranian targets near the Strait of Hormuz. Earlier, Trump had warned on social media that Iran “will have to pay the price” for taking too long to negotiate a deal with Washington.
According to US Central Command (CENTCOM), American forces launched strikes on Tuesday night after an Army Apache helicopter was shot down a day earlier. CENTCOM described the operation as a defensive and measured response to what it called Iranian aggression.
Regional tensions intensified further as Iran launched missile attacks toward Bahrain, Kuwait and Jordan, countries that host US military personnel. The strikes marked one of the most significant escalations since the conflict began and came despite a fragile two-month ceasefire that has repeatedly come under pressure.
Earlier this week, Iran and Israel also exchanged attacks, underscoring the growing instability across the region.
The renewed hostilities have heightened concerns over potential disruptions to energy flows through the Strait of Hormuz, a critical route for global oil shipments, prompting traders to push crude prices higher amid fears of a prolonged conflict.