STORY: Oil prices rose on Tuesday (April 7) ahead of a deadline set by U.S. President Donald Trump.
He told Iran to open the Strait of Hormuz or face attacks on power plants and other infrastructure.
Brent crude futures were at around $111 a barrel by afternoon European time.
While West Texas Intermediate crude was close to a four-week high at $116 a barrel.
Trump has given Iran until 8 p.m. in Washington to reopen the Strait, where about a fifth of global oil supply is normally shipped.
Iranian forces effectively shut the strait after U.S. and Israeli attacks began in late February.
Trump said "every bridge in Iran will be decimated" by midnight Eastern Time Zone on Wednesday if it isn't reopened.
He further warned - quote - "every power plant in Iran will be out of business, burning, exploding, and never to be used again."
Iranian media said strikes intensified on Tuesday, targeting bridges, an airport and more.
Oil prices have soared due to disrupted exports from Gulf oil producers.
It has led a financial windfall for those still able to export, which includes Iran, Oman and Saudi Arabia.
But other states have lost billions of dollars.
The conflict has sent spot premiums for West Texas Intermediate crude surging to record highs.
That as Asian and European refiners try to replace Middle Eastern supply.
