Oil Edges Up as Trump Iran Threats Outweigh Higher Hormuz Flows
People watch as smoke billows from an oil warehouse following an airstrike in the outskirts of Erbil, the capital of Iraq's autonomous Kurdistan region, on April 1.
Source: AFP/Getty ImagesOil rose as US President Donald Trump signaled that an escalation in strikes on Iran could come as soon as Tuesday, heightening fears that imminent military action will derail tentative progress toward restoring energy flows through the crucial Strait of Hormuz.
West Texas Intermediate swung in a roughly $6.60 range before ultimately settling up 0.8% at above $112 a barrel. Trump said that Iran might be “taken out” by Tuesday night if no deal is achieved. That came just after the Wall Street Journal reported the US military is making preparations for potential strikes on energy targets in Iran. The US leader has repeatedly threatened such action.