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Oil Prices Climb as Hormuz Stays Shut Ahead of Trump Deadline
Brent and West Texas Intermediate swung as the blockage cut about a fifth of global oil supply and traders braced for more disruptions.
- On Tuesday, oil prices extended gains as President Donald Trump's 8 p.m. EDT deadline loomed for Iran to reopen the Strait of Hormuz, with West Texas Intermediate crude climbing 3.1% to $115.86 and Brent rising 1.6% to $111.51.
- Iranian forces effectively closed the waterway on February 28, choking off about a fifth of global oil supply, and Tehran subsequently rejected a U.S. ceasefire proposal through Pakistan while demanding full compensation for war damages.
- Global flows are missing roughly 11 million barrels daily, leaving markets nearly 9 million barrels short each day, as eight OPEC+ members warned that damaged energy infrastructure is "both costly and takes a long time, thereby affecting overall supply availability."
- Amid the deadlock, Saudi Arabia intercepted seven ballistic missiles on Tuesday, with debris falling near energy facilities, while the U.N. Security Council prepared to vote on a resolution to protect commercial shipping in the strait.
- Market uncertainty persists as analysts expect the conflict to last into April, with TD Securities strategist Ryan McKay noting "the barrel math becomes increasingly grim" amid the run-up to Trump's ultimatum deadline.
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11 Articles
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The president warned on Sunday that he would destroy Iranian bridges and power plants if the Islamic Republic did not reopen naval traffic through the Strait of Hormuz.
Oil briefly topped $114 a barrel on Monday.
Coverage Details
Total News Sources11
Leaning Left1Leaning Right1Center5Last UpdatedBias Distribution72% Center
Bias Distribution
- 72% of the sources are Center
72% Center
14%
C 72%
14%
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