US EditionOil Prices Rise Ahead of Trump's Iran Deal Deadline
Brent crude rose 1.4% and U.S. oil gained 2.8% as traders weighed Iran’s refusal to reopen the route, analysts said.
- On Tuesday, global oil prices climbed as the deadline approached for Iran to reopen the Strait of Hormuz, with President Donald Trump threatening military action if the country fails to agree to a deal by Wednesday.
- Iran's military has effectively closed the Strait, through which roughly 20 percent of global oil passes, in retaliation for Israeli and U.S. airstrikes occurring since February 28.
- Global benchmark Brent crude rose about 1.4% to $111.33 a barrel, while U.S.-traded oil gained 2.8% to $115.61, as crude has surpassed $100 per barrel repeatedly.
- The national average for a regular gallon of gas hit $4.140 on Tuesday, according to AAA, while diesel prices reached $5.646 per gallon, just 2 cents below record highs.
- Trump stated he believes "reasonable" Iranian leaders are negotiating in "good faith," though the outcome remains uncertain, while White House press secretary Karoline Leavitt promised gas prices will plummet after Operation Epic Fury.
16 Articles
16 Articles
With tensions rising over the Strait of Hormuz and US President Donald Trump's deadline approaching, diplomatic activity has intensified in West Asia. Pakistan and Egypt have launched initiatives to address the situation.
Oil prices rose in Asian trading today, rising above $110 a barrel ahead of another deadline set by US President Donald Trump for Iran. The price has risen by more than 50 percent since the start of the Iran war, German news agency dpa reported.
The price of oil continued to rise on Tuesday, as US President Donald Trump launched an ultimatum to Iran and a further escalation of the conflict threatens. ...
US-Iran war: Oil prices continue to rise; Brent crude above $111 as Trump's deadline looms
US-Iran war: Crude oil prices continued to rise on Tuesday, April 7, with Brent crude prices touching $111 per barrel and WTI rising to $115 per barrel. Analysts expect prices to remain elevated and repercussions for the energy chains.
Coverage Details
Bias Distribution
- 80% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
