Crude oil prices have risen due to fears of an escalation in the Iran war, with President Trump warning that the US plans to decimate Iran if no deal is reached to reopen the Strait of Hormuz. The Strait is essentially closed, limiting global oil supplies and boosting crude prices. The US military is reportedly preparing for potential strikes on energy targets in Iran. The International Energy Agency (IEA) reported that more than 40 energy sites across nine countries in the Middle East have been severely damaged and face lengthy repairs. Concerns about the potential widening of the Iran conflict also boosted crude prices as Saudi Arabia's state producer, Saudi Aramco, raised the price of its main oil grade to Asia by $17 a barrel for May delivery, the largest jump on record. OPEC+ announced it would boost its crude output by 206,000 bpd in May, but this increase is unlikely given that Middle East producers are being forced to cut production due to the conflict. The outlook for the Russia-Ukraine war is also positive for oil prices, with Russia's claim that there is no hope of a long-term settlement with Ukraine's civil war.