NYMEX tops $116 ahead of US deadline for Iran
Oil drilling rigs
Oil prices rose on Tuesday as the US deadline for Iran to reopen the Strait of Hormuz approached, with US President Donald Trump warning of potential attacks on Iranian bridges and power stations.
Brent crude futures for June delivery rose 1.45%, or $1.58, to $111.35 per barrel as of 08:48 a.m. Makkah time.
Meanwhile, NYMEX crude for May delivery climbed 2.7%, or $3.04, to $115.45 per barrel, after touching $116.56.
Tensions escalated after Tehran rejected a US ceasefire proposal via Pakistan, insisting on a permanent end to the war and refusing pressure to reopen the strait, Reuters reported.
Markets are awaiting the US crude inventory report from the American Petroleum Institute later today, April 7, ahead of official data from the Energy Information Administration on April 8.
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