Oil closes higher as Trump escalates military threats

Oil drilling rigs

Oil prices rose at the close of trading today, April 6, as uncertainty worsened after the US president escalated his rhetoric against Iran, asserting that the deadline expiring Tuesday evening was not extendable.

Brent crude futures for June delivery rose 0.68%, or 74 cents, to $109.77 a barrel, after jumping to $111.89 earlier in the session.

WTI crude oil futures for May delivery rose 0.78%, or 87 cents, to $112.41 a barrel, after breaking above $115 during the session.

This comes after US President Donald Trump said in press statements that the deadline ending Tuesday for reaching an agreement with Iran is not extendable, noting that the proposal submitted by Tehran, although it includes essential points, is not good enough to be accepted.

Trump also asserted that the US is capable of completely neutralizing Iranian capabilities in one night, and clearly indicated that that night could be Tuesday evening.