Crude oil climbs over $110 a barrel as Trump threatens 'hell' on Iran if Strait of Hormuz not opened

Oil prices rose on Monday, April 6, amid no signs of de-escalation of the US-Israel war on Iran.

The price of West Texas Intermediate, the benchmark for US crude oil, rose 0.36% to $111.86 a barrel. The price of Brent crude, the international standard, advanced 1.32% to $110.53 per barrel.

In a tough message to Iran, US President Donald Trump, in a Truth Social post, said that Iran will be "living in a hell" if the Strait of Hormuz is not opened. He said the deadline is "Tuesday, 8:00 P.M. Eastern Time".

"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!" he said.

Iran blocking the Strait of Hormuz has led to a rise in crude oil prices. Asian countries are most affected.

The United States imports only a small portion of its oil from the Persian Gulf, but oil is a commodity, and its rates are set in a global market.

Asia was first to feel the loss of Gulf oil shipments, where governments have ordered rationing and conservation measures. Europe is likely to suffer physical shortages by mid-April as the last vessels loaded with oil before the war arrive at continental ports.

How are Asian markets performing?

Japan's Nikkei 225 is trading 1.33% higher, while the Straits Times index is up 0.26%.

South Korea's KOSPI is also trading with the gains of 1%.

Meanwhile, GIFTY NIFTY is down 0.19%, suggesting a negative start for the NIFTY50.