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What is the story about?
Crude oil prices continued to rise on Monday, April 6, in early Asia trading after the long weekend ahead of US President Donald Trump's deadline on the reopening of the Strait of Hormuz coming to an end and with him threatening further escalation if his demands are not met.
WTI Crude currently trades 2.6% higher, having tested levels of $115 a barrel. Prices continue to trade at a premium to Brent, which also saw gains of over 2% to trade above the $111 a barrel mark.
In a post on Truth Social, Trump threatened "hell" to Iran after Tehran rejected the US demands and the Strait of Hormuz remains mostly shut but to a small number of vessels of countries that have negotiated with Iran.
After a weekend meeting, OPEC+ has warned that there will be a prolonged impact on oil supply even after the hostilities have ended. Members approved an increase in output quotas, even as exports from the Gulf remain restricted.
Attacks continued on key energy infrastructure over the long weekend, with Kuwait Petroleum Corp's headquarters being set ablaze after a drone attack. There was also a separate strike on power and water desalination plants, causing significant damage, and putting two units out of service.
Iran also announced that Iraq would be exempt from its shipping restrictions along the Strait of Hormuz, allowing as many as 3 million barrels a day. Iraqi officials though, expressed caution, leaving it to the discretion of companies whether to navigate the stretch or not.
WTI Crude currently trades 2.6% higher, having tested levels of $115 a barrel. Prices continue to trade at a premium to Brent, which also saw gains of over 2% to trade above the $111 a barrel mark.
In a post on Truth Social, Trump threatened "hell" to Iran after Tehran rejected the US demands and the Strait of Hormuz remains mostly shut but to a small number of vessels of countries that have negotiated with Iran.
After a weekend meeting, OPEC+ has warned that there will be a prolonged impact on oil supply even after the hostilities have ended. Members approved an increase in output quotas, even as exports from the Gulf remain restricted.
Attacks continued on key energy infrastructure over the long weekend, with Kuwait Petroleum Corp's headquarters being set ablaze after a drone attack. There was also a separate strike on power and water desalination plants, causing significant damage, and putting two units out of service.
Iran also announced that Iraq would be exempt from its shipping restrictions along the Strait of Hormuz, allowing as many as 3 million barrels a day. Iraqi officials though, expressed caution, leaving it to the discretion of companies whether to navigate the stretch or not.
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