Oil prices rise as Trump's Iran deal deadline looms
By Osmond Chia
Published on April 7, 2026.
Global oil prices have risen ahead of a deadline set by US President Donald Trump for Iran to open the Strait of Hormuz. The price of global benchmark Brent crude increased by about 1.4% to $111.33. Meanwhile, US-traded oil rose by 2.8% to reach $115.61. The disruption of shipping in the strait has significantly impacted major Asian economies, particularly Japan and South Korea.
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