How Trump and the oil markets move in sync: A tango in five charts

It can be hard to pin down what is guiding Donald Trump a month into US and Israel's programme of strikes on Iran. But it is clear he has an eye on the oil markets. A word - or social media post - from the US president about his plans used to spark big moves in prices, as investors leaped on signs the conflict could escalate or come to an end. But in recent days, traders appear to be growing more sceptical about the value of his comments. Oil was trading at around $72 (£54) a barrel before 28 February, when the strikes on Iran began. It peaked at $119.50 a barrel on 9 March and as of Tuesday was sitting just below $113. Here are some moments from the last month where Trump and the markets appear to have bounced off each other - with varying effects. Use the arrow to move to the next slide. Jonathan Raymond, investment manager at Quilter Cheviot, says energy prices have become a proxy for wider geopolitical and economic risks, spiking when Trump's language grows aggressive and easing when his rhetoric de-escalates. He says markets are rightfully sensitive to those signals, given the big economic risks that come with rising oil prices. "Investors are trying to price genuine uncertain

Mar 29, 2026 → Mar 30, 2026