Global Oil Prices Surge After Trump's Ultimatum to Iran to Open Strait of Hormuz

Global oil prices opened higher in early trading on Monday (6/4/2026), following the Easter weekend holiday. The surge occurred amid escalating tensions between the United States (US) and Israel against Iran, which continues to disrupt global oil supplies. According to Reuters, the price of Brent crude oil for June 2026 delivery jumped by 2.4 US dollars, or 2.2 per cent, to 111.43 US dollars per barrel. The primary sentiment driving the oil price increase stemmed from a statement by US President Donald Trump on Sunday (5/4/2026). Trump ramped up pressure on Iran by threatening to target power plants and bridges in the country on Tuesday (7/4/2026) if the strategic Strait of Hormuz is not reopened. The strait has been effectively closed by Tehran since the US and Israel launched strikes against Iran more than a month ago. He delivered the threat in coarse language, demanding the opening of the Strait of Hormuz. “Open that strait,” Trump wrote in a harsh tone, adding the threat that Iran would “live in hell” if it did not comply with the demand. Trump ended his post with a religious expression of gratitude. Later on the same day, Trump provided a more specific deadline in a follow-up post, namely “Tuesday, 8:00 PM Eastern Time.” The White House did not respond to questions about whether the statement indicated a precise time for a US attack on Iran. Trump’s threat came following a 48-hour rescue operation for two US pilots in Iran. In at least seven interviews on Sunday, Trump reiterated his threats against Iran while urging concessions.