Oil rises 1.23%-3% as Trump threatens Iran strikes, Hormuz closure announced
Brent crude rose 1.23% to $81.56 and WTI jumped 3.04% to $78.93 after President Trump threatened fresh military action against Iran and Tehran announced it had closed the Strait of Hormuz, raising durability concerns about a fragile 60-day interim peace accord.
Brent crude futures for August rose 1.23% to $81.56 per barrel and U.S. West Texas Intermediate futures for July jumped 3.04% to $78.93 per barrel Monday after President Donald Trump threatened renewed military action against Iran and Tehran announced it had once again closed the Strait of Hormuz, a critical route for global oil shipments.
The rally followed Trump's Sunday threat even as Vice President JD Vance met Iranian officials in Switzerland for the first negotiations under an interim memorandum of understanding signed last week. The accord, which calls for a 60-day ceasefire extension, the reopening of the Strait of Hormuz, and a halt to hostilities across the region including Lebanon, appeared fragile as Iran accused Washington of failing to ensure a ceasefire in Lebanon and said the talks would focus only on implementing the memorandum rather than broader issues such as its nuclear program.
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