Oil prices continued to climb with the U.S. threatening further attacks on Iran, including its energy infrastructure and desalination plants as the month-long war showed little sign of relief.
President Donald Trump said Monday that if Tehran didn’t re-open the Strait of Hormuz and agree to a peace deal for ending the war, “we will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating” electricity plants, oil facilities, and “possibly” desalination infrastructure, according to a Truth Social post.
The West Texas Intermediate futures for May delivery extended gains, rising 3.5% to $106.44 a barrel as of 8:25 p.m. ET, sending their monthly gain to 56.8%, on track for their biggest monthly surge since 2020.
May futures for Brent crude surged 2% to $115.17 per barrel, gaining 58.6% so far this month, poised for their biggest monthly rise on record.
Iran war has entered its fifth week with hostilities escalating across the region. Tehran hit a fully laden Kuwaiti oil tanker in the anchorage area of Dubai’s port earlier Tuesday.
