NEW YORK: Oil prices settled mixed on Tuesday, with Brent down on worries that high energy prices could slow economic growth, while US crude closed at its highest since 2022 ahead of US President Donald Trump's deadline for Iran to open the Strait of Hormuz. US West Texas Intermediate (WTI) crude rose 54 cents, or 0.5%, to settle at US$112.95, well off its session high when it was up by over US$5 a barrel. In March, when the Brent front-month was for delivery in May, Brent also closed at its highest since June 2022. World Bank President Ajay Banga said the Iran war would result in some degree of slower growth in the global economy and higher inflation, regardless of how quickly it ended. Disrupted exports from Gulf oil producers have sent oil prices soaring.

Source: The Star April 07, 2026 23:29 UTC