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Crude prices rise on Trump threats over Strait of Hormuz

Crude prices rose on Tuesday as President Trump threatened action if Iran fails to reopen the Strait of Hormuz. Brent reached $110.34 amid supply concerns.

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Global energy markets saw prices extend their gains on Tuesday as geopolitical rhetoric intensified. Brent Crude Oil futures rose 57 cents, or 0.5%, to reach $110.34 a barrel. Simultaneously, West Texas Oil futures increased by $1.26, or 1.1%, to $113.67. This upward trend is largely driven by a sharpening stance from the United States regarding the ongoing maritime blockade in the Middle East.

A high-angle drone shot captures a pump jack and drilling rig operating in the Texas landscape near Midland, as seen in June 2025. REUTERS/Eli Hartman/File Photo
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