Oil prices rise after Trump insists the Iran war is going to plan

CBS News
April 2, 2026
3 min read

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The Bottom Line

Oil prices rose after Trump said military operations against Iran are proceeding as planned with a two-to-three-week timeline.

How This Affects You

If the Strait of Hormuz remains closed, gas prices could rise significantly since roughly one-third of global seaborne oil passes through this chokepoint.

AI Summary

Oil prices climbed after President Trump stated that military operations against Iran are proceeding as intended, projecting the conflict will last two to three additional weeks. Trump's comments lacked detail on efforts to reopen the Strait of Hormuz, a critical chokepoint through which roughly one-third of global seaborne oil passes, disappointing investors who sought clearer reassurance about energy market stability. Market analysts interpreted the ambiguous timeline and absence of a reopening strategy as falling short of what traders had anticipated, reflecting uncertainty about how long energy supplies will remain disrupted. The mixed signals underscore investor anxiety over prolonged regional instability and potential sustained pressure on crude prices, which remain sensitive to Middle East tensions. Any extended closure of the Strait would significantly constrain global oil supply and potentially drive prices higher, depending on how quickly normal shipping resumes.

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