Oil prices surged in volatile trading after US President Donald Trump warned of intensified military action against Iran within the next two to three weeks in his address to the nation, rattling markets and dimming hopes of a near-term de-escalation.

US West Texas Intermediate (WTI) crude futures for May delivery climbed 4.1% to $104.21 per barrel as of 9.45 pm ET.

Meanwhile, international benchmark Brent crude futures for June rose 5% to $106.42 per barrel, reflecting heightened geopolitical risk.

In a national address on Wednesday, Trump struck a combative tone, saying the United States would ‘hit Iran extremely hard’ in the coming weeks.

“We’re going to hit them extremely hard over the next two to three weeks,” he said, adding, “We’re going to bring them back to the stone ages, where they belong.”

Despite the aggressive rhetoric, Trump also indicated that the conflict may not be prolonged and suggested diplomatic engagement remains possible.

He said discussions with Tehran are ongoing and asserted that the US intends to “finish the job” quickly.

Earlier in the day, Trump had claimed on Truth Social that Iran had sought a ceasefire, briefly raising optimism about the potential reopening of the Strait of Hormuz, a crucial artery for global energy shipments.

Nearly 20% of the world’s oil and gas flows typically pass through the strait, but traffic has largely stalled since the US-Israel war with Iran began on February 28.

Trump said any ceasefire would depend on the waterway being “open, free, and clear,” warning that military pressure would continue until that condition is met.

Iran, however, dismissed the claim, denying any ceasefire request and asserting that the strait remains firmly under the control of the IRGC Navy. Tehran also rejected Trump’s remarks as “absurd,” underscoring the widening gap between the two sides.

Conflicting signals have persisted throughout the conflict, with both Washington and Tehran offering differing accounts of negotiations.

Trump has alternated between suggesting a deal is near and indicating readiness to escalate further, including deploying additional troops to the region.

Oil prices had briefly dipped below $100 per barrel earlier this week after Trump suggested US operations could wind down soon, but the latest escalation warning has reignited market uncertainty.