Oil Prices Surge as Trump Threatens Iran Energy Strikes Amid Hormuz Closure

Oil markets surged at trading's start on April 6, with US WTI crude jumping 1.86% to $113.62 per barrel and Brent rising 1.16%.

Trump renewed his threat to strike Iran's bridges and energy facilities if the Strait is not opened.

ABC7 San Francisco

The war entered its sixth week since US-Israeli strikes began.

Iran accounts for about 20% of global oil and gas shipments passing through the Strait.

Both Iranian officials and Trump floated the possibility that diplomacy may avert further escalation.

Iran's proposal consisted of 10 clauses including a protocol for safe passage through Hormuz.

Al-Yawm Al-Sabea

The Strait of Hormuz remained closed by Iran, disrupting about 20% of global oil trade.

Analysts noted the market was trying to gauge what could happen next.

The conflict added volatility to global markets already reeling from inflation.

A further escalation could have severe economic consequences for relying countries.

Tanker insurance rates surged, complicating the movement of goods including food supplies.