Oil pulls back to $109 amid Trump’s escalating pressure on Iran

April 6, 2026 (MLN): Oil prices moved higher, with U.S. crude briefly surpassing $114 per barrel, as geopolitical tensions intensified after U.S President Donald Trump issued a deadline to Iran to reopen the Strait of Hormuz or face potential military strikes on critical infrastructure.

Currently, Brent crude futures went down by $0.59, or 0.54%, to $109.62 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures decreased by $0.28, or 0.25%, to $111.20 per barrel by [09:35 am] PST.

In a strongly worded social media post on Sunday, Trump warned that Iran would be “living in Hell” if it failed to reopen the Strait, threatening attacks on the country’s power plants and bridges.

He later posted “Tuesday, 8:00 P.M. Eastern Time!” without further clarification.

Iran has shut down the Strait of Hormuz through a series of attacks on oil tankers.

The critical waterway, which links the Persian Gulf to global markets, previously accounted for around 20% of worldwide oil supply, according to CNBC.

The disruption has led to what is described as the largest oil supply shock in history, driving sharp increases in crude, jet fuel, diesel, and gasoline prices since the conflict began.

In a national address last Wednesday, Trump indicated that the conflict could continue for another two to three weeks.

On the supply side, eight OPEC+ members  Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman agreed on Sunday to raise output by 206,000 barrels per day in May.

However, uncertainty remains over how much of this additional supply can reach global markets while the Strait remains closed.

OPEC+ also warned that repairing energy infrastructure damaged during the conflict will be both costly and time-consuming, further constraining supply availability.

Copyright Mettis Link News