April 6 (UPI) -- The price of oil seesawed in trading on Monday in response to the U.S. President Donald Trump's threat to obliterate Iranian power plants and bridges unless Tehran allows shiping to flow freely through the critical Strait of Hormuz.
Brent crude, the global benchmark, jumped to over $110 a barrel in trade in Asia before retreating slightly after reports emerged of talks to avert escalation involving a possible 45-day cease-fire.
Amid improving sentiment following the news of a potential deal, the price of Brent crude had earlier fallen as low as $107 a barrel.
Brent futures for June delivery stood at $108.48 per barrel in early trading on the Intercontinental Exchange. Typically cheaper West Texas Intermediate, the U.S. benchmark, was trading at $110 for May delivery, after posting a drop of more than $1.50.
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