Oil prices climb after new Trump threat against Iran

06/04/2026 04:59 AST

Oil prices climbed on Monday as markets reacted to US President Donald Trump's threat of further action against Iran and set a Tuesday evening deadline linked to the reopening of the Strait of Hormuz.

Brent crude futures rose $1.71, or 1.6%, to $110.74 a barrel by 0057 GMT, while US West Texas Intermediate crude gained $0.71, or 0.6%, to $112.25 a barrel.

The gains came amid continuing fears of supply losses and shipping disruptions in the key oil-producing region, where the US-Israeli conflict with Iran has heightened risks to crude exports passing through the strategic waterway.

Trump on Sunday intensified pressure on Iran, warning in a social media post that the United States could target Iranian infrastructure if shipping through the Strait of Hormuz is not restored.

"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!" Trump wrote on Truth Social, referring to the shipping route that Tehran has effectively closed since U.S. and Israeli attacks on Iran began more than a month ago.

In a later post, Trump specified the deadline, writing: "Tuesday, 8:00 P.M. Eastern Time!"

Separately, Iraq's state oil marketer SOMO asked customers to submit crude lifting schedules within 24 hours, according to a document reviewed by Reuters, after media reports said Iran had exempted Iraq from restrictions on transit through the Strait of Hormuz.


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