Iran deadline approaches: oil prices rise by another few percent

Oil prices continued to rise in the afternoon as the deadline set by US President Donald Trump for Iran to reopen the Strait of Hormuz approached. At around 17:00 CEST, US light crude WTI was up four percent, with its price nearing 117 dollars per barrel. At the same time, North Sea Brent crude was up 1.4 percent at 111.20 dollars per barrel.

Washington has warned that if Tehran does not agree to a deal by the deadline, it could face attacks on critical infrastructure, including bridges and power plants. Around a fifth of the world’s oil supplies normally pass through the Strait of Hormuz.