Oil Surges Over 11% as Trump Escalates Iran Strikes; Dollar Hits 159 Yen

WTI crude oil prices surged by over 11% to $110.68 on April 2, 2026.

The price of WTI recently exceeded Brent crude by nearly $3, the highest premium in a year.

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Brent crude rose by 7% amid renewed concern over potential long-term disruptions.

Iran declared the Strait of Hormuz closed to US and allied shipping a day earlier.

The US dollar rose to approach the key psychological level of 159 yen.

The US dollar rose 0.6% against the Swiss franc and 0.5% against the yen to 159.57.

The dollar index climbed 0.46% to 100.02.

Al Jazeera

The euro fell 0.45% to $1.1536 and the pound declined 0.63% to $1.3222.

Investors fled risk assets as Trump pledged more intense strikes without a clear timeline for ending the war.

Even a US military pullback would not stop Iran from curbing access to the Strait of Hormuz.

Energy supplies are unlikely to return to pre-war levels quickly.

Thursday's market moves wiped out most of the greenback's recent declines.

Congressional Democrats demanded briefings on the constitutional basis for strikes.