Crude oil prices rose sharply on Thursday after the United States President Donald Trump said that the US will hit Iran “extremely hard” in the coming weeks, further escalating tensions. He also stressed that the US does not need oil from the Middle East and that its forces are there only “to help.” He also urged the countries that depend on oil shipments from the Strait of Hormuz to “grab it” or buy oil from the US. West Texas Intermediate (WTI) for May’s deliveries surged by 6.30% at 2:12 am ET to $106.44 per barrel. At the same time, Brent for deliveries in June climbed by 6.73% to $108.01 per barrel.