Oil Price Fluctuates Ahead of Trump's Iran Deal Deadline Global oil prices have fluctuated ahead of a deadline set by US President Donald Trump for Iran to open the key Strait of Hormuz shipping route. The cost of benchmark Brent crude rose above $111 (£84) a barrel in early trade, bouncing around the $110-a-barrel mark before settling at about $107. Oil and gas shipments from the Middle East have been severely disrupted as Tehran threatens to attack vessels trying to use the strait in retaliation for US and Israeli airstrikes since 28 February. On Monday, Trump threatened to take out Iran "in one night" if it failed to agree a deal with the US by 20:00 Washington DC time on Tuesday (00:00 GMT/01:00 BST Wednesday). Speaking at the White House, Trump said he believed "reasonable" leaders in Iran were negotiating in "good faith," but that the outcome was still uncertain. Stock markets in the US opened lower and saw choppy trade after he ramped up the threats on Tuesday morning. "A whole civilization will die tonight, never to be brought back again. I don't want that to happen, but it probably will," he wrote on social media. The Nasdaq closed about 0.1% higher, the S&P 500 ended the day flat, and the Dow slipped about 0.2%. Iran has so far rejected proposals for a temporary ceasefire, demanding a permanent end to the war and the lifting of sanctions against the country. An initial rise in the price of oil on Tuesday suggested investors believed it may be harder than expected for the US to reach a deal due to Iran's hardline stance and that the war could be drawn out, said Ye Lin from research firm Rystad Energy. Meanwhile, traders are also trying to work out whether Trump actually wanted a deal or if he was "just putting up a smokescreen" while preparing for a larger attack, she said.#iran #strait_of_hormuz #us_president_donald_trump #jpmorgan #james_dimon
