LONDON: Oil prices surged and global equity and bond markets recoiled again on Thursday after U.S. President Donald Trump dashed hopes of a swift resolution to the Middle East war.

Brent crude jumped more than 7% to above $109 a barrel after Trump said in a prime-time address on Wednesday that the U.S. would hit Iran "extremely hard" in the coming weeks and "bring them back to the Stone Ages where they belong".