Oil Prices Climb Ahead of Deadline to Reopen Hormuz
Oil prices edged higher on Tuesday but remained volatile, as markets focused on the approaching deadline set by US President Donald Trump, requiring Iran to reopen the Strait of Hormuz or face potential strikes on its power plants and bridges.
International benchmark Brent crude futures traded at $109.97 per barrel. US benchmark West Texas Intermediate (WTI) rose about 0.5% to $112.93 per barrel.
The prospect of escalation in the Middle East conflict and the looming deadline for a deal kept markets on edge. Over the past 4 weeks, Crude Oil WTI gained 21.62%, and in the last 12 months, it increased 93.45%.
Trump on Monday warned that if no deal was reached by 8 p.m on Tuesday, Iran’s bridges and power plants would be “decimated.”
Meanwhile, Israel has approved an updated list of energy and infrastructure targets in Iran and is awaiting Trump’s decision to proceed, according to a CNN report citing an Israeli security official.
A press briefing originally scheduled at 8 a.m. ET (1200 GMT) at the Pentagon, featuring Defense Secretary Pete Hegseth and Joint Chiefs Chairman Gen. Dan Caine, was cancelled.
The briefing had been planned just 12 hours ahead of Trump’s Iran deadline.
Regional tensions have escalated since a joint US-Israel offensive on Iran on February 28, which has reportedly killed more than 1,340 people, including then-Supreme Leader Ayatollah Ali Khamenei.
In retaliation, Iran has carried out drone and missile strikes targeting Israel as well as Jordan, Iraq, and Gulf countries hosting US military assets, while also restricting ship movements through the Strait of Hormuz. PZ Cussons Boosts Earnings, Profit Rises by 246.5%
