Crude Oil Jumps Above $105 Per Barrel After Trump’s Iran Remarks, While COMEX Gold Falls Over 2%

Crude oil prices surged in early trade on April 2, 2026, following U.S. President Donald Trump’s address that indicated further escalation in the ongoing conflict with Iran. Brent crude futures climbed 5.14% to $105.77 per barrel as of 7:25 AM IST, compared to $100.58 in the previous session, according to Investing.com data.

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West Texas Intermediate (WTI) crude also advanced 3.98% to $104.17 per barrel as of 7:26 AM IST, up from $100.12 at the previous close, data showed. Earlier in the week, Brent had dipped to nearly $98 per barrel during intraday trade on April 1 amid expectations of a potential de-escalation.

Trigger For Oil Price Surge

The sharp rise in crude prices followed Trump’s April 1 address, where he stated that the United States would intensify strikes on Iran over the next two to three weeks. The absence of a clear timeline for ending the conflict added uncertainty to global energy markets.

During the speech, Trump said the U.S. would “hit Iran extremely hard” in the coming weeks. This was reported by CNBC. These remarks have further increased the concern over supply chain disruptions in the key oil-producing countries.

This price movement has also been triggered by geopolitical tensions in West Asia, where tensions have been ongoing.

Gold Prices Fall as Dollar Strengthens

On the other hand, the gold price has decreased in the international markets. COMEX gold futures fell by 2.2% to $4,677.30 per ounce as of 9:35 PM EDT on April 1 compared to the previous day's close of $4,783.20.

The decline coincided with a rise in the U.S. dollar index, which increased 0.27% to 99.925, according to Bloomberg data. A stronger dollar typically weighs on gold prices, as it makes the metal more expensive for holders of other currencies.

Market Snapshot

U.S. equity markets closed higher on April 1, with the Dow Jones Industrial Average rising 0.48% to 46,565.74, the S&P 500 gaining 0.72% to 6,575.32, and the Nasdaq Composite advancing 1.16% to 21,840.95. However, futures have fallen since, with Dow, S&P 500, and Nasdaq futures down between 1% and 1.2% after Trump’s address.

The combined moves in commodities and financial markets suggest a growing concern about geopolitical risks, oil prices are being influenced by supply issues, and gold prices are being adjusted in response to currency moves.