Global oil prices surged after U.S. President Donald Trump's April 1 prime-time national address, during which he said the United States would hit Iran hard over the next two to three weeks, Bloomberg reported on April 2. European benchmark Brent futures rose by around 8%, or around $8 per barrel, while U.S. benchmark West Texas Intermediate rose by around 12%, or more than $13 per barrel, to nearly $114 per barrel.

While Brent has long traded at a premium to WTI, the sudden surge in WTI is partially due to a timing quirk; WTI's active contract is still its April 2026 contract, while Brent has now shifted to its May 2026 contract, and physical markets are still flashing prices higher. WTI has since declined to around $111 per barrel.