"Global oil prices" continue to surge despite Trump's signals of troop withdrawal, rising more than 60% in March.

"Global oil prices" continue to surge, even though Trump signaled a troop withdrawal in 2-3 weeks, due to continued tensions over the war situation. Meanwhile, oil prices have already risen by more than 60% in March.

On April 1, 2026, at 9:22 AM, CNBC reported that crude oil prices continued to rise during Asian trading amid escalating attacks in the Persian Gulf and President Donald Trump's signals that the US might withdraw from the war with Iran, even though the Strait of Hormuz remains largely closed, continuing to raise concerns in global energy markets.

Brent crude oil for June delivery rose 1.5% to $105.56 per barrel, after prices surged more than 60% in March, marking the strongest monthly gain since 1988. The May contract closed earlier at approximately $118.35 per barrel. Meanwhile, WTI crude oil for May delivery increased 1.5% to $102.92 per barrel, with prices jumping approximately 51% in March, the best monthly gain since May 2563.

Meanwhile, local Kuwaiti media reported that an Iranian drone attacked a fuel storage tank at Kuwait International Airport on Wednesday, causing a major fire and damaging the oil tanks.

The conflict between the United States, Israel, and Iran since February 28 has resulted in severe disruptions to the energy supply and raised concerns for the global economy, which relies heavily on oil from the Middle East.

Iran has largely halted oil shipments through the Strait of Hormuz, a vital shipping route connecting the Persian Gulf and the Gulf of Oman. Before the war, this route handled approximately 20% of the world's oil shipments.

On the political front, President Donald Trump said on Tuesday that he expects the U.S. military to withdraw from Iran within two or three weeks, sounding as if he had declared a military victory.

Trump said, "We're going to come out because there's no reason for us to continue this. We're going to come out soon."

Trump also said that Iran did not need a deal to end the war, stating that Iran was under a new and more accessible regime, and reiterated that he had prevented Iran from developing nuclear weapons.

Later, White House spokeswoman Caroline Levitt stated that Trump would address the nation regarding Iran at 9:00 PM US time.

Meanwhile, the military situation remains tense, with Iran's Revolutionary Guard Corps announcing it would begin attacks on U.S. companies in the region starting Wednesday, naming 18 companies including Google, Microsoft, Apple, Intel, IBM, Tesla, and Boeing.

Some geopolitical analysts believe Trump remains in a difficult position, and withdrawing now could be perceived as a defeat. Furthermore, attacks on civilian infrastructure, as Trump has threatened, might not change the outcome of the war, but would only drive oil prices higher.

Iranian Foreign Minister Abbas Araghchi told Al Jazeera that messages have been exchanged between Iran and the United States, both directly and through intermediaries, but insisted that "these are not negotiations" and that there have been no formal talks between the two countries.

Reference: cnbc.com

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