West Texas Intermediate crude futures rose more than $3/bbl around midday Monday after President Trump renewed a threat to attack Iran's energy infrastructure, a move that could further worsen the shortage in the global petroleum market.
At noon ET, May NYMEX WTI was about $3.60 higher to $103.20/bbl, on track to finish above $100/bbl for the first time since July 2022 for the U.S. oil benchmark contract on a continued first-month basis. June WTI was up $2.35/bbl to $96.50/bbl.
London-based ICE May Brent was around 20cts higher to $112.75/bbl and June Brent was up $2.55 to $107.85/bbl. May Brent's underperformance was related to position squaring ahead of the contract's upcoming expiration this week.
May RBOB was up 10.15cts to $3.2925/gal and April RBOB rose 10cts to $3.35/gal. May ULSD was 3.70cts higher to $4.2730/gal while April ULSD was 0.6ct lower to $4.4895/gal.
Trump on Monday said in a social media post that he would be "blowing up and completely obliterating" the Islamic republic's oil wells, Kharg Island as well as power infrastructure if "if for any reason a deal is not shortly reached" to end the war and reopen the Strait of Hormuz route critical for Mideast oil flow.
Kharg Island is a tiny spot of land in the northern Persian Gulf that handles about 90% of Iran's crude oil exports.
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Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
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(END) Dow Jones Newswires
03-30-26 1249ET
