Trump's deadline for Iran approaches, oil prices continue to rise

LootboxPhobia · 2026-04-07T01:46:54+00:00

On Tuesday, oil prices continued to rise due to tense Middle East tensions and the approaching deadline for Trump's ultimatum to Iran. Brent crude futures rose to $110.20 per barrel, while WTI futures increased to $113.32. The risks in the Strait of Hormuz have heightened market anxiety, with Iran rejecting the U.S. proposal and demanding a permanent halt to hostilities.

LootboxPhobia

2026-04-07 01:46:54

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Investing.com- During Tuesday’s Asian trading session, oil prices continued their upward trend. Investors are preparing for the possibility that the Middle East situation could escalate. U.S. President Donald Trump’s final deadline for Iran to reopen the Strait of Hormuz is approaching.

As of 21:08 U.S. Eastern Time (01:08 Beijing time), June Brent crude oil futures rose 0.4% to $110.20 per barrel, while West Texas Intermediate (WTI) futures climbed 0.8% to $113.32 per barrel.

This is the third consecutive day oil prices have risen, driven mainly by concerns related to the Strait of Hormuz, a key chokepoint that typically carries about one-fifth of global oil shipments.

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In recent weeks, disruptions to tanker shipping have tightened supply expectations and raised the risk premium across the entire oil market.

Diplomatic efforts to de-escalate the conflict appear to be failing. Iran has rejected a proposal backed by the United States, which outlines a 45-day ceasefire, the phased reopening of the strait, and broader negotiations on lifting sanctions and reconstruction.

Iran rejected the proposal and instead demanded a permanent end to hostilities, binding assurances regarding future attacks, the removal of sanctions, and compensation for losses.

Trump reiterated on Tuesday that the deadline is firm, and warned that failure to comply could prompt the United States to strike Iran’s infrastructure, including power plants and bridges.

He also said Iran could be “swiftly dealt with,” highlighting that the risk of escalation on a wider scale is rising.

Increasingly aggressive rhetoric is keeping the energy market on edge, with traders pricing in the possibility of further disruptions in the Gulf region.

Although OPEC+ has taken action to increase production moderately, additional supply is widely viewed as insufficient to offset the losses that a disruption to the Strait of Hormuz could cause.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.

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