U.S. President Donald Trump set an 8 p.m. EST deadline for Iran to reopen the Strait of Hormuz. Trump threatened to destroy Iranian power plants and key infrastructure if the channel remains closed. The Strait of Hormuz facilitates approximately 20% of the global oil supply. Reports indicate strikes on Iranian infrastructure have intensified as the deadline nears.
West Texas Intermediate (WTI) crude rose over 3% in recent trading. WTI prices exceeded $116 per barrel. This price represents the highest level for WTI since 2022. Brent crude also climbed to over $110 per barrel. Market anxiety grows over potential long-term disruptions to global energy supplies and rising inflation.