![Markets Rattle Amid U.S. Ultimatum to Iran, Raising Fears of Prolonged Supply Disruptions and Higher Global Fuel Costs Brent crude oil futures opened higher late Sunday compared to Thursday’s close, breaking through the $111 per barrel level amid concerns that the conflict involving Iran could worsen in the coming week. On March 31, oil prices reached a weekly high of over $119 per barrel. Prices then dropped sharply to around $98 on Wednesday before rebounding to more than $109 on Thursday. Markets were closed on Easter Friday. Late Sunday saw oil peak at $111.89, with prices at $110.73 as of 9:50 p.m. ET. The renewed surge in oil prices follows the approaching deadline of an ultimatum issued by President Donald Trump to Iran, set to expire on Monday. Trump had previously stated that if Iran did not reopen the Strait of Hormuz—a critical shipping route south of the country through which one-fifth of the world’s oil and gas supply passes—by April 6, U.S. forces could target Iranian infrastructure. In an April 5 post on Truth Social, Trump warned, “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” In a separate post, Trump added, “Tuesday, 8:00 P.M. Eastern Time,” indicating a potential deadline for Iranian compliance. Iran has rejected these threats. According to a statement published April 5 by the Islamic Revolutionary Guards Corps via state-run PressTV, the country warned that further attacks on civilian facilities would lead to a more intense and expansive phase of retaliation. On Sunday, Trump also said he had not ruled out deploying U.S. ground forces into Iran if the Strait is not reopened in time. One bridge in Iran has already been destroyed by the United States. The newly completed B1 bridge, linking Tehran to Karaj, was severed in a U.S. strike on April 2. A U.S. official previously told The Epoch Times the strike aimed to disrupt “a planned military supply route for sustaining Iran’s ballistic missile and attack drone force.” Iran condemned the attack as a strike on civilian infrastructure. Escalating tensions have unsettled oil markets, driving prices higher as investors closely monitor how the situation develops throughout the week. However, analysts at ING Bank cautioned in an April 2 note that reopening the Strait of Hormuz may not immediately stabilize markets. “Even if shipping through the Strait of Hormuz resumes, a return to pre-war market conditions is likely to be slow, as upstream production restarts, logistics normalization, and inventory rebuilding will take time,” ING said. Patrick De Haan, head of petroleum analysis at GasBuddy, warned in an April 4 post on X that gasoline prices in the United States could continue to rise. “Attacks on refining capacity are likely to take longer to restore than the Strait and risk higher fuel prices globally for longer. Coupled with Ukraine attacks on Russian refineries, this summer could see very elevated prices compared to early year expectations,” De Haan said. On March 31, the national average price for regular gasoline in the United States exceeded $4 per gallon for the first time since August 2022. As of April 5, the average stood at $4.11 per gallon, up from $3.25 a month earlier, according to data from the American Automobile Association. Prices surpassed $5 per gallon in four states: Nevada, Washington, Hawaii, and California. Meanwhile, the OPEC+ alliance agreed Sunday to increase oil production quotas by 206,000 barrels per day starting next month. According to an April 5 statement, the decision was made by members including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. “The countries will continue to closely monitor and assess market conditions,” the group said. A separate OPEC+ committee, also meeting Sunday, expressed concern over Iran’s strikes on key energy infrastructure, noting the high costs and time required for repairs, which could further disrupt supply. “Accordingly, [the committee] stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the [Declaration of Cooperation] to support market stability for the benefit of producers, consumers, and the global economy,” the committee said in its statement.](/images/ECONOMIC_WARFARE/Anh%20man%20hinh%202026-04-06%20luc%2016.56.54.png#joomlaImage://local-images/ECONOMIC_WARFARE/Anh man hinh 2026-04-06 luc 16.56.54.png?width=918&height=517 "Markets Rattle Amid U.S. Ultimatum to Iran, Raising Fears of Prolonged Supply Disruptions and Higher Global Fuel Costs Brent crude oil futures opened higher late Sunday compared to Thursday’s close, breaking through the $111 per barrel level amid concerns that the conflict involving Iran could worsen in the coming week. On March 31, oil prices reached a weekly high of over $119 per barrel. Prices then dropped sharply to around $98 on Wednesday before rebounding to more than $109 on Thursday. Markets were closed on Easter Friday. Late Sunday saw oil peak at $111.89, with prices at $110.73 as of 9:50 p.m. ET. The renewed surge in oil prices follows the approaching deadline of an ultimatum issued by President Donald Trump to Iran, set to expire on Monday. Trump had previously stated that if Iran did not reopen the Strait of Hormuz—a critical shipping route south of the country through which one-fifth of the world’s oil and gas supply passes—by April 6, U.S. forces could target Iranian infrastructure. In an April 5 post on Truth Social, Trump warned, “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” In a separate post, Trump added, “Tuesday, 8:00 P.M. Eastern Time,” indicating a potential deadline for Iranian compliance. Iran has rejected these threats. According to a statement published April 5 by the Islamic Revolutionary Guards Corps via state-run PressTV, the country warned that further attacks on civilian facilities would lead to a more intense and expansive phase of retaliation. On Sunday, Trump also said he had not ruled out deploying U.S. ground forces into Iran if the Strait is not reopened in time. One bridge in Iran has already been destroyed by the United States. The newly completed B1 bridge, linking Tehran to Karaj, was severed in a U.S. strike on April 2. A U.S. official previously told The Epoch Times the strike aimed to disrupt “a planned military supply route for sustaining Iran’s ballistic missile and attack drone force.” Iran condemned the attack as a strike on civilian infrastructure. Escalating tensions have unsettled oil markets, driving prices higher as investors closely monitor how the situation develops throughout the week. However, analysts at ING Bank cautioned in an April 2 note that reopening the Strait of Hormuz may not immediately stabilize markets. “Even if shipping through the Strait of Hormuz resumes, a return to pre-war market conditions is likely to be slow, as upstream production restarts, logistics normalization, and inventory rebuilding will take time,” ING said. Patrick De Haan, head of petroleum analysis at GasBuddy, warned in an April 4 post on X that gasoline prices in the United States could continue to rise. “Attacks on refining capacity are likely to take longer to restore than the Strait and risk higher fuel prices globally for longer. Coupled with Ukraine attacks on Russian refineries, this summer could see very elevated prices compared to early year expectations,” De Haan said. On March 31, the national average price for regular gasoline in the United States exceeded $4 per gallon for the first time since August 2022. As of April 5, the average stood at $4.11 per gallon, up from $3.25 a month earlier, according to data from the American Automobile Association. Prices surpassed $5 per gallon in four states: Nevada, Washington, Hawaii, and California. Meanwhile, the OPEC+ alliance agreed Sunday to increase oil production quotas by 206,000 barrels per day starting next month. According to an April 5 statement, the decision was made by members including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. “The countries will continue to closely monitor and assess market conditions,” the group said. A separate OPEC+ committee, also meeting Sunday, expressed concern over Iran’s strikes on key energy infrastructure, noting the high costs and time required for repairs, which could further disrupt supply. “Accordingly, [the committee] stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the [Declaration of Cooperation] to support market stability for the benefit of producers, consumers, and the global economy,” the committee said in its statement.")
Markets Rattle Amid U.S. Ultimatum to Iran, Raising Fears of Prolonged Supply Disruptions and Higher Global Fuel Costs
Brent crude oil futures opened higher late Sunday compared to Thursday’s close, breaking through the $111 per barrel level amid concerns that the conflict involving Iran could worsen in the coming week.
On March 31, oil prices reached a weekly high of over $119 per barrel. Prices then dropped sharply to around $98 on Wednesday before rebounding to more than $109 on Thursday. Markets were closed on Easter Friday. Late Sunday saw oil peak at $111.89, with prices at $110.73 as of 9:50 p.m. ET.
The renewed surge in oil prices follows the approaching deadline of an ultimatum issued by President Donald Trump to Iran, set to expire on Monday.
Trump had previously stated that if Iran did not reopen the Strait of Hormuz—a critical shipping route south of the country through which one-fifth of the world’s oil and gas supply passes—by April 6, U.S. forces could target Iranian infrastructure. In an April 5 post on Truth Social, Trump warned, “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!”
In a separate post, Trump added, “Tuesday, 8:00 P.M. Eastern Time,” indicating a potential deadline for Iranian compliance.
Iran has rejected these threats. According to a statement published April 5 by the Islamic Revolutionary Guards Corps via state-run PressTV, the country warned that further attacks on civilian facilities would lead to a more intense and expansive phase of retaliation.
On Sunday, Trump also said he had not ruled out deploying U.S. ground forces into Iran if the Strait is not reopened in time.
One bridge in Iran has already been destroyed by the United States. The newly completed B1 bridge, linking Tehran to Karaj, was severed in a U.S. strike on April 2. A U.S. official previously told The Epoch Times the strike aimed to disrupt “a planned military supply route for sustaining Iran’s ballistic missile and attack drone force.” Iran condemned the attack as a strike on civilian infrastructure.
Escalating tensions have unsettled oil markets, driving prices higher as investors closely monitor how the situation develops throughout the week.
However, analysts at ING Bank cautioned in an April 2 note that reopening the Strait of Hormuz may not immediately stabilize markets.
“Even if shipping through the Strait of Hormuz resumes, a return to pre-war market conditions is likely to be slow, as upstream production restarts, logistics normalization, and inventory rebuilding will take time,” ING said.
Patrick De Haan, head of petroleum analysis at GasBuddy, warned in an April 4 post on X that gasoline prices in the United States could continue to rise.
“Attacks on refining capacity are likely to take longer to restore than the Strait and risk higher fuel prices globally for longer. Coupled with Ukraine attacks on Russian refineries, this summer could see very elevated prices compared to early year expectations,” De Haan said.
On March 31, the national average price for regular gasoline in the United States exceeded $4 per gallon for the first time since August 2022. As of April 5, the average stood at $4.11 per gallon, up from $3.25 a month earlier, according to data from the American Automobile Association. Prices surpassed $5 per gallon in four states: Nevada, Washington, Hawaii, and California.
Meanwhile, the OPEC+ alliance agreed Sunday to increase oil production quotas by 206,000 barrels per day starting next month. According to an April 5 statement, the decision was made by members including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
“The countries will continue to closely monitor and assess market conditions,” the group said.
A separate OPEC+ committee, also meeting Sunday, expressed concern over Iran’s strikes on key energy infrastructure, noting the high costs and time required for repairs, which could further disrupt supply.
“Accordingly, [the committee] stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the [Declaration of Cooperation] to support market stability for the benefit of producers, consumers, and the global economy,” the committee said in its statement.
