Global oil prices rise after Trump address

Global oil prices have increased following Trump's speech. His remarks did not calm the global oil markets about the ongoing disruption in the important Strait of Hormuz shipping route. Before the president spoke, the price of benchmark Brent crude was around $100 a barrel. During his address, it varied but is now rising and has increased by about 4%, reaching $105.38. The Strait of Hormuz is vital for the global economy, as about 20% of the world's energy flows through this narrow shipping lane. The strait has been effectively closed since the conflict began on February 28, after Iran threatened to attack vessels in response to US and Israeli airstrikes.