Oil prices surge after Trump demands changes to Iran agreement, raising supply concerns in key shipping lanes.
Brent crude climbed above $94 per barrel and WTI surpassed $90 on Monday, driven by President Trump’s push for revisions to the Iran peace agreement. The move heightened uncertainty over the reopening of the Strait of Hormuz, a critical chokepoint for global oil shipments.
At 6:06 a.m. ET, Brent traded at $94.23 while WTI stood at $90.87, reflecting investor reaction to reports of Trump’s demands for stronger nuclear commitments from Iran. The prior session had closed lower amid stable supply expectations.
Markets are assessing the potential for prolonged disruptions, with traders monitoring developments in the Strait of Hormuz closely.