STORY: Oil prices jumped on Wednesday, with benchmark Brent crude rising as much as two percent to above $93 a barrel.

The sharp increase comes after U.S. President Donald Trump scolded Iran in a Truth Social post...

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...saying it had taken too long to negotiate a deal end the war and would now "have to pay the price." 

Meanwhile, Iran said it would reassess diplomatic engagement with the U.S. after tit-for-tat strikes overnight.

Iran launched missile and drone attacks on U.S. bases in Jordan, Kuwait and Bahrain in what it called retaliation for American strikes on Iranian targets around the Strait of Hormuz.

Prior to Trump's social media post, oil prices had traded more or less steady from the previous close for much of the European morning session.

Fox News, citing a phone interview, reported that Trump said he may order new strikes on Iran's power plants and bridges because Tehran was taking too long to make a deal.

The U.S. military struck Iranian targets after Trump vowed on Tuesday to respond to the downing of a U.S. Apache attack helicopter.

One analyst told Reuters the latest attacks shifted traders' focus back toward war risks and potential supply disruptions.

Iran meanwhile said it would resume hostilities if Israel continued to attack the Hezbollah militia in Lebanon.

Israel's refusal to end its campaign against Iran-backed Hezbollah militants has helped hinder Trump's efforts to extend a tenuous ceasefire in the wider U.S.-Israeli war with Iran into a durable settlement.

Analysts at JP Morgan forecast Brent to average around $100 a barrel through most of the remainder of 2026.