Oil Price Today (April 2): Oil jumps 5% to cross $106/barrel after Trump’s comments erase de-escalation hopes

April 2, 2026

Oil prices have jumped back above $106 a barrel. President Donald Trump’s speech revived fears of more conflict in the Middle East. This comes after earlier hopes for peace had briefly lowered prices. Experts believe oil prices will stay high due to damage and risks. The situation suggests continued volatility in the short term.

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