US EditionOil climbs as Hormuz stays shut ahead of Trump deadline
Brent crude topped $111 a barrel as traders weighed supply losses from the strait closure and record premiums from Saudi Arabia.
- On Tuesday, oil prices climbed above $110 per barrel as President Donald Trump's 8 p.m. Eastern deadline for Iran to reopen the Strait of Hormuz approaches. Brent crude futures rose $1.74 to $111.51, while West Texas Intermediate gained $3.45.
- Iranian forces effectively shut the Strait of Hormuz in February, collapsing exports from several Gulf producers. Both Tehran and Washington rejected a 10-point peace plan from Pakistan, leaving diplomacy stalled.
- Ukrainian drones hit the Caspian Pipeline Consortium terminal on the Black Sea, damaging 1.5% of global oil supply. "Attacks on energy and shipping assets continue," said Priyanka Sachdeva of Phillip Nova, with traders fearing months-long infrastructure damage.
- Trump warned he would rain "hell" on Tehran if his deadline is ignored, threatening to target bridges and power plants. Tehran's military command described the threats as "delusional" and vowed "crushing" retaliatory attacks.
- OPEC agreed on Sunday to lift output quotas by 206,000 bpd in May, though the increase remains largely notional due to Strait closures. The Security Council prepares to vote today on a shipping protection resolution, though China opposed authorizing force.
11 Articles
11 Articles
Oil Rises as Hormuz Shuts, Iran Strikes Intensify, Trump Deadline Looms
Oil prices increased on Tuesday as a deadline from U. S. President Donald Trump approached, demanding Iran reopen the Strait of Hormuz or face attacks on its infrastructure. By 1209 GMT, Brent crude futures rose by $1.39 to $111.16 per barrel, while U. S. West Texas Intermediate (WTI) crude reached nearly a four-week high at […] The post Oil Rises as Hormuz Shuts, Iran Strikes Intensify, Trump Deadline Looms appeared first on Modern Diplomacy.
Oil climbs again as Trump reiterates Iran threats
Oil prices climbed above $110 per barrel on Tuesday, as Donald Trump’s deadline for Iran to agree a deal with Washington — set for 8 pm Eastern time — fast approaches, but tensions show no sign of abating. Both Tehran and Washington rejected a 10-point peace plan put forward by Pakistan and other meditators.Should his deadline be ignored, Trump warned that the US had a plan “where every bridge in Iran will be decimated” and “every power plant in…
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