TEMPO.CO, Jakarta - Global oil prices jumped in early trading on Tuesday as investors reacted to a deadline set by U.S. President Donald Trump for Iran to reopen the Strait of Hormuz, a key route for global energy shipments, according to Deutsche Welle (DW).
Brent crude, the global benchmark, rose 1.4 percent to US$111.33 per barrel, while U.S. West Texas Intermediate climbed 2.8 percent to US$115.61, after briefly touching its highest level in a month.
DW reported that Trump warned Iran on Monday it could be “taken out in one night” if it failed to reach a deal with Washington by 08:00 PM Tuesday local time.
Iran has also warned that any U.S. strikes on its bridges or power plants would trigger retaliation against Gulf energy infrastructure, raising concerns over tighter oil supplies and broader risks to the global economy.
The threat came as oil and gas shipments from the Middle East remained under pressure, with Tehran warning it could target vessels using the Strait of Hormuz in response to U.S. and Israeli airstrikes since February 28.
Offshore Technology said shipping disruptions through the Strait of Hormuz, which carries around 20 percent of global oil trade, have already reduced Gulf exports, tightening crude supplies and driving spot premiums for U.S. oil to record levels.
The UN Security Council is preparing to vote on a resolution aimed at protecting commercial shipping, but it is not expected to authorize the use of force because of opposition from China.
Tehran has so far rejected proposals for a temporary ceasefire, instead demanding a permanent end to the conflict and the lifting of sanctions.
Read: Rupiah Weakens to Rp17,105 Amid US-Iran Escalation Fears
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