Chart of the day: OIL rebounds sharply on Trump's Iran speech 🛢️ 📈 US will abandon Hormuz❓(02.04.2026)

Brent crude is surging back above $100 per barrel (OIL: +7.6%), erasing nearly all losses from the last three sessions. Donald Trump's address failed to outline any concrete "exit strategies" for the conflict, and his hawkish tone undermined market optimism that had previously bet on a rebound following Iran's declarations of being ready for peace talks.

The OIL contract is dynamically returning above the 10-day Exponential Moving Average (EMA10, yellow), confirming a strong upward trend. However, the price is approaching a repeatedly tested resistance level at $110, and a nearly overbought RSI (near 70) may limit gains above this threshold. Source: xStation5

What is driving the rise in OIL today?

• In his address, Donald Trump announced that the strategic goals of "Operation Epic Fury" are near completion and that the war in Iran will last approximately another two to three weeks. He vowed the final destruction of Iran's nuclear and missile programs, threatening strikes on energy infrastructure. While the address largely repeated many of Trump's known stances, his comments regarding the Strait of Hormuz and the overall bellicose tone eroded the optimism seen in recent sessions.

• The US President downplayed the importance of the Strait of Hormuz to the United States, claiming the country is energy independent. He called on Asian and European nations to protect the route themselves, suggesting they purchase American oil instead. Experts are challenging his optimism regarding a rapid drop in fuel prices, pointing to permanent infrastructure damage and record energy costs in the US (exceeding $4 per gallon).

• Iranian military officials responded to Trump's address by vowing to continue the war until the "humiliation and surrender" of the US and Israel. Tehran dismissed claims that its military has been weakened, threatening "even more powerful and destructive strikes." The Iranian command emphasized that Washington underestimates their strategic capabilities, and Trump’s vows to "bring them back to the stone age" only escalate the conflict, ruling out a quick truce.