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Sat, 28 Mar 2026

Sat, 28 Mar 2026 How Trump and the oil markets move in sync: a tango in five charts

Oil markets have been sensitive to Donald Trump's comments on the war. But are traders growing less responsive?

* Donald Trump's comments on Iran have a significant impact on oil prices, with investors leaping on signs of escalation or de-escalation.
* Oil prices peaked at $118 per barrel last week, but have dropped slightly to just below $112 as of Friday afternoon.
* Energy prices are seen as a proxy for wider geopolitical and economic risks, and markets are sensitive to Trump's language and rhetoric.
* Some investors believe that Trump is intentionally influencing oil prices with his comments, rather than communicating policy.
* Market reactions to Trump's statements have become more muted, as there is a growing gap between his reassurances and the lack of acknowledgement from Tehran.
* Investors are becoming increasingly sceptical of Trump's comments, with some describing their reaction as "skittish or confused".
* There are concerns that the conflict in Iran could lead to global economic woes, including potential attacks on shipping in the Red Sea.