Oil prices surged in Asian trading Thursday after President Trump signaled further U.S. military strikes against Iran, raising fears of supply disruptions in the Middle East. West Texas Intermediate crude futures jumped 3.6% to $103.80 per barrel, while Brent crude advanced 4.5% to $105.71.

Trump's primetime address warned of hitting Iran's electric-generating plants and potentially oil sites if Tehran doesn't make a deal. The president claimed the U.S. has avoided targeting Iranian oil facilities to prevent giving Tehran any chance of survival or rebuilding. He also suggested allies dependent on Middle East oil through the Strait of Hormuz should secure the passage themselves.

The escalating rhetoric undermined risk appetite, dragging Asian equities lower. Market analysts noted traders are pricing in a wide range of outcomes from relief to deeper risk-off moves. The Strait of Hormuz, through which roughly 20% of global oil passes, has effectively been shut down by Iran, adding to supply concerns.