Oil prices pushed higher Sunday after President Donald Trump threatened to strike Iranian energy facilities if the Strait of Hormuz is not reopened.
Brent crude, the global benchmark, rose 1.4% to $110.60. US crude rose 1.8% to $113.60.
“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH!” Trump posted to Truth Social on Sunday morning.
A senior Iranian official responded Sunday that the strait won’t be reopened until the country is “fully compensated” for war damages.
Trump had issued a similar two-day ultimatum to Iran on March 21, only to extend the deadline to April 6.
The threat is a stark contrast to Trump’s claims last week that the US did not need the Strait of Hormuz.
Oman met with Iran on Sunday to discuss allowing ships through the waterway, according to Oman’s foreign ministry.
OPEC+ nations expressed concerns about attacks on energy sites after a virtual meeting on Sunday. The oil-producing countries noted in a statement that restoring demand is “costly and takes a long time,” after agreeing to increase oil output by 206,000 barrels every day beginning in May.
The oil disruption has pushed average gas prices in the US to their highest since 2022. A gallon of gas rose to $4.11 on Sunday, according to data from AAA. That’s up nearly 38% since the start of the war.
Meanwhile, stocks fell on Sunday after markets were closed on Friday. Dow futures were down 0.69%, or 324 points. S&P 500 futures fell 0.76%, while Nasdaq futures declined 0.91%.
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