Name: Oil Prices Rise as Hormuz Stays Shut Ahead of Trump Deadline
Uploaded: 2026-04-07T15:47:59.000Z
Description: The International Energy Agency said the current oil and gas crisis is more severe than those of 1973, 1979, and 2022 combined.

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Oil prices climbed on Tuesday and U.S. crude was on track for its highest close since 2022 ahead of a deadline set by U.S. President Donald Trump for Iran to open the Strait of Hormuz or face attacks on power plants and other infrastructure.

Brent futures rose 63 cents, or 0.6 percent, to $110.40 a barrel at 10:41 a.m. EDT, while U.S. West Texas Intermediate (WTI) crude rose $3.95, or 3.5 percent, to $116.36.

The International Energy Agency said the current oil and gas crisis is more severe than those of 1973, 1979, and 2022 combined.

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