Global oil prices surged more than 6% in early Asian trading on Wednesday, while regional stock markets declined sharply. The market moves followed a public address by former U.S. President Donald Trump, in which he made forceful comments regarding Iran.
In a campaign speech in Grand Rapids, Michigan, on April 1, 2026, Trump stated, "We will hit Iran hard and we will finish the job." He criticized the current administration's foreign policy and vowed a more aggressive stance if re-elected. The remarks amplified existing geopolitical tensions in the Middle East.
Financial analysts attributed the immediate market reaction to fears of potential supply disruptions from a key oil-producing region. Major Asian indices, including Japan's Nikkei and Hong Kong's Hang Seng, closed lower. The price of Brent crude oil rose above $94 per barrel.
The White House has not issued an official response to Trump's statements. Market observers note that volatility is likely to persist as the U.S. presidential election campaign intensifies.
