Oil jumps after Trump Iran address

Oil prices rose and shares fell after US President Donald Trump delivered a primetime televised speech about the Iran war on Wednesday, Report informs.

The price of June futures for Brent crude oil on London's ICE exchange has risen by more than 6.5%.

According to trading data as of 4:55 AM Baku time, before Trump's address, the price of Brent crude oil had fallen by 1.35%, amounting to $99.79 per barrel. However, by 5:33 AM Baku time, the price of Brent crude oil had already reached $106.29 per barrel (an increase of 5.07%).

In parallel, the price of May futures for WTI crude oil rose by 4.09%, reaching $104.21 per barrel. According to data as of 8:05 AM Baku time, the price of Brent crude rose by 6.51% to $107.75, while the price of WTI crude oil increased by 5.38% to $105.51.

During the address from the White House, Trump said his core "objectives are nearing completion".

He also called on countries that need oil from the Middle East to take the lead to keep the key Strait of Hormuz shipping route open, arguing the US doesn't need energy from the region.