Oil prices climb after Trump’s speech, brent crude reaches $106, WTI tops $103

Oil markets turned volatile on Thursday, with prices first plunging near the $100 per barrel mark and then rebounding sharply as traders reacted to US President Donald Trump’s address to the nation. Sentiments remained cautious as the speech failed to ease investor concerns over the disruption of the Strait of Hormuz, with the US president calling on other nations to help reopen it. In early trade, both major benchmarks dropped by more than $1 amid anticipation of Trump’s address to the nation. Brent crude futures fell $1.16, or 1.15%, to $100 per barrel by 1204 GMT, while US West Texas Intermediate crude declined $1.41, or 1.41%, to $98.71 per barrel. The downturn extended losses from the previous session, as markets weighed the possibility of a US pullback after Trump told Reuters the conflict would end “fairly soon”.