Oil Prices Near 2022-Highs Before Trump Iran Deadline

2026-04-07 09:25 By Agna Gabriel 1 min. read

WTI crude oil futures were volatile at around $114 per barrel and remained near 2022 highs on Tuesday, as markets awaited US President Donald Trump’s looming deadline for Iran to secure a deal on the Strait of Hormuz.

Trump has insisted that any accord must guarantee uninterrupted transit through the vital waterway, warning that failure to comply by 8 p.m.

Eastern Time could trigger US strikes on Iranian infrastructure.

“Every bridge in Iran could be destroyed by midnight tomorrow, and power plants rendered permanently inoperable,” he said.

The heightened rhetoric comes as the six-week-old conflict continues to roil oil markets, sparking the largest disruption to global crude supply in decades.

Meanwhile, explosions were reported at the key oil hub of Kharg Island.

Overnight, Iran launched seven ballistic missiles and multiple drones at Saudi Arabia, while the Israel Defense Forces reported two missile volleys from Iran since midnight.



News Stream
Crude Oil Climbs Further After Trump Rhetoric
WTI crude oil futures surged past $116 per barrel as President Donald Trump warned that a whole civilization could die tonight ahead of his 8 p.m. deadline for Iran to reopen the Strait of Hormuz. This price escalation followed overnight US strikes on military targets at Kharg Island which serves as the primary Iranian oil export hub. Although officials stated that energy infrastructure was not specifically targeted, the direct military action has intensified global supply fears.Meanwhile, reports indicate that Iran has halted negotiation efforts with the US. While tanker traffic through the waterway marginally improved to eight vessels on Monday the current flow remains a mere fraction of the 20 million barrels that transited daily in 2025. Market participants are now pricing in a higher probability of total regime change as the fog of war remains thick across global energy markets.
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WTI crude oil futures were volatile at around $114 per barrel and remained near 2022 highs on Tuesday, as markets awaited US President Donald Trump’s looming deadline for Iran to secure a deal on the Strait of Hormuz. Trump has insisted that any accord must guarantee uninterrupted transit through the vital waterway, warning that failure to comply by 8 p.m. Eastern Time could trigger US strikes on Iranian infrastructure. “Every bridge in Iran could be destroyed by midnight tomorrow, and power plants rendered permanently inoperable,” he said. The heightened rhetoric comes as the six-week-old conflict continues to roil oil markets, sparking the largest disruption to global crude supply in decades. Meanwhile, explosions were reported at the key oil hub of Kharg Island. Overnight, Iran launched seven ballistic missiles and multiple drones at Saudi Arabia, while the Israel Defense Forces reported two missile volleys from Iran since midnight.
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