April 7, 2026, 8:12 amApril 7, 2026, 8:12 am
Oil prices are rising ahead of the expiration of another ultimatum from US President Donald Trump in the Iran war. The price for a barrel (159 liters) of North Sea Brent oil for delivery in June rose 1.2 percent to $111.11 in early trading. This brought the June futures contract closer to its March high of just over $112.
Since the start of the Iran war, the price of the reference grade for the global oil market has increased by more than 50 percent. Oil prices are currently the most important indicator of inflation and economic concerns on the market. The increase for this delivery date is similar for the WTI variety, which is more important for the US market.
The development of the May contract looks even more drastic. WTI oil for delivery in May costs around $115 this morning, around 70 percent more than before the Iran war began more than five weeks ago.
Closed Strait of Hormuz
Since the Strait of Hormuz, which is important for global oil trade, is practically impassable for most ships, the prices for the next delivery dates are significantly higher than those that are still further away. The May contract for Brent has already expired.
For Trump, opening the strait is currently the focus of the Iran war. He therefore once again gave Iran an ultimatum. Shortly before it expires at 2 a.m. on Wednesday, there are no signs of an agreement.
Trump reiterated his warning of “total destruction” of all Iranian power plants and bridges if Tehran does not open the Strait of Hormuz. A spokesman for the Iranian military leadership reacted to Trump’s threat with ridicule.
The strait is one of the world’s most important transport routes – not just for oil and liquid gas. (sda/awp/dpa)