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2026-04-07 13:54:05
Oil prices continued their upward trend on Tuesday, with Brent crude futures currently up 1.6% at $111.51 and WTI crude up 2.4% at $115.09 (after previously reaching a high of $116.56, a new high since March 9). Trump demanded that Iran reopen the Strait of Hormuz by 8 p.m. ET on Tuesday (8 a.m. Wednesday Beijing time), or he would send Tehran "to hell," threatening that "they could be wiped out." 2. Tehran rejected the ceasefire demand, stating that the war must end permanently and resisting pressure to reopen the strait. Phillip Nova analysts stated that attacks on energy and shipping assets continue, and even if the war ends, infrastructure damage could lead to supply disruptions for months. 3. The UN Security Council is expected to vote on a resolution to protect shipping in the Strait of Hormuz. Saudi Aramco set a record premium of $19.50 for its May Arab Light crude sold to Asia at the OSP. 4. A Ukrainian drone strike targeted the Caspian Pipeline Union's Black Sea terminal, which handles 1.5% of global oil supplies. OPEC+ agreed to increase production by 206,000 barrels per day in May, but the increase was modest and major member countries were unable to increase production due to the war.
