Oil prices continued their upward trajectory on Tuesday as President Donald Trump escalated his rhetoric against Iran, threatening stricter measures if Tehran does not reopen the Strait of Hormuz—a critical global maritime corridor for oil transit.
اضافة اعلان
Market Performance
Brent Crude: Futures rose by 57 cents, or 0.5%, reaching $110.34 per barrel by 12:02 GMT.
WTI (West Texas Intermediate): U.S. crude futures increased by $1.26, or 1.1%, to $113.67 per barrel.
The "8:00 PM" Deadline
Trump has threatened to unleash "hell" on Tehran if it fails to comply with his 8:00 PM EDT Tuesday deadline to reopen the strait. Warning that Iran could be "wiped out," he vowed further action should an agreement not be reached.
Tehran's Response
Responding to a U.S. proposal conveyed through Pakistan (acting as a mediator), Tehran rejected a ceasefire, insisting instead on a permanent end to the war. Iran also refused to yield to pressure to reopen the waterway.
Strategic Context
Iranian forces effectively closed the Strait of Hormuz following the start of U.S. and Israeli strikes on February 28, 2024. This closure has disrupted a vital shipping route through which approximately 20% of the world's oil supply typically flows.
