(April 7) : US oil held near its highest close since June 2022 as President Donald Trump escalated threats to obliterate key Iranian infrastructure if his terms aren’t met before a Tuesday deadline. West Texas Intermediate traded near US$113 a barrel, after adding 0.8% on Monday, while Brent settled just below US$110. Trump’s “not backing off previous statements,” said Carl Larry, an oil and gas analyst at Enverus. WTI’s prompt spread — the difference between its two nearest contracts — at one point traded near US$15.50 a barrel on Monday, close to the biggest premium on record. The widening was ushered in by firming expectations of tighter US supplies as overseas buyers rush to purchase American crude.

Source: The Edge Markets April 06, 2026 22:46 UTC