Crude prices ticked higher after Trump repeated the Tuesday deadline for escalating attacks on Iran's power plants and bridges. Trump threatened that Iran would be "taken out in one night" if Tehran does not fully reopen the Strait of Hormuz by Tuesday.
The Strait of Hormuz saw an uptick in traffic over the weekend, as a looming U.S. deadline for Iran to reopen the key waterway kept markets on edge.
Oil shock and Iran war reshaped Q1, sending some leveraged energy ETFs soaring.
Analysts led by Yulia Zhestkova Grigsby, a commodities strategist, looked at product supplies, price responses and anecdotes to address the issue of whether the global economy is running short of oil.
Oil prices are falling on Monday after President Donald Trump threatened to knock out Iran's power plants if it doesn't reopen the Strait of Hormuz by Tuesday.
India's energy ministry said refiners have secured crude supplies from more than 40 countries, including Iran. India is buying oil from Iran after a hiatus of seven years.
Oil prices are rising again after Trump threatened Iran over the closure of the Strait of Hormuz. Brent crude rose to almost $110 at market open.
President Donald Trump warned Sunday in an expletive-filled social media post that Iran would be "living in Hell" if they do not open the Strait
The war has effectively shut the Strait of Hormuz since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates, Kuwait and Iraq.
Escalating U.S.-Iran tensions threaten the Strait of Hormuz, raising geopolitical risk and oil price volatility. OPEC+ plans a modest 206K bpd production increase in May, despite ongoing disruptions to oil flows.
Bloomberg News Equities Reporter Natalia Kniazhevich joins Joe Mathieu and Christina Ruffini on Bloomberg This Weekend to discuss the latest impact the war in Iran is having on the energy markets. Watch the show LIVE every Saturday and Sunday morning.
OPEC+ may approve an oil output increase on Sunday, four sources from the group said, a rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.