Oil Prices Rise Again After Trump’s Threat

Oil prices in the global market rose again after a threat by former US President Donald Trump, sparking concerns about supply disruption in the Strait of Hormuz.

On Monday morning (April 6), Asian crude oil prices climbed 1.6% to $110.85 per barrel, while US crude rose 0.8% to $112.40 per barrel.

In a social media post on Sunday (April 5) on Truth Social, Trump warned that the United States would strike Iranian infrastructure, including power plants and bridges, if ships were not allowed to pass through the Strait of Hormuz by Tuesday.

Since February 28 — when US and Israeli air strikes began — Tehran has threatened to target any vessel attempting to pass through the Strait in retaliation. This has disrupted oil and gas shipments from the Middle East.

The Strait of Hormuz is a key shipping route that normally carries about 20% of the world’s oil, making it vital for global energy supplies. Disruptions have pushed oil prices higher and stoked fears of rising inflation.

Oil prices first crossed $100 per barrel after Trump intensified his threats last week, saying future US airstrikes could set Iran “back to the Stone Age.”

Meanwhile, attacks on oil facilities in the Gulf continued on Sunday. Iran acknowledged carrying out multiple strikes on petrochemical plants in Kuwait, Bahrain, and the United Arab Emirates.

On Monday, the Islamic Revolutionary Guard Corps (IRGC) said it would escalate attacks on US economic interests if strikes on Iranian civilian infrastructure continue.

OPEC+ — the group of major oil-producing countries including Saudi Arabia and Russia — agreed on Sunday to increase oil production by 260,000 barrels per day in May. According to the BBC, this increase may not fully ease supply pressures, as some member countries cannot raise output because of the ongoing conflict.