Crude oil prices trade above $110/bbl amid Trump’s threat on Iran; COMEX gold trades lower

Crude oil prices in the global market were trading around the $110 per barrel (bbl) region during the early market hours on Tuesday, April 7, 2026, amid US President Donald Trump’s military strike threat on Iran to open the key maritime trade passage, the Strait of Hormuz by Tuesday evening.

In a Truth Social post on Monday, Trump has extended Iran time up to 8 pm (EDT) on Tuesday, April 8, to comply with America’s demand to avoid any action.

On Monday, the Brent crude oil prices after opening near the $109 per bbl region, surged to $111.89 per bbl during the intraday session, amid the heightened investor uncertainty related to the absence of any de-escalations in West Asia.

The West Texas Intermediate (WTI) crude oil prices also surged to an intraday high of $114.28 per bbl on April 6, after opening around the $113 per bbl region, according to Investing.com data.

Crude oil prices today

On Tuesday, April 7, the Brent crude oil prices were trading 1.09% higher at $110.87 per bbl as of 7:22 am (IST), compared to $109.69 per bbl at the previous market close, according to Investing.com data.

The data also showed that the US-based WTI crude oil prices were trading 1.95% higher at $114.60 per bbl as of 7:23 am (IST) on Tuesday, compared to its $112.41 per bbl level at the previous commodity market close.

Why are oil prices rising today?

Oil prices are rising today due to the lack of any ceasefire or de-escalation efforts in the US-Iran conflict and Donald Trump’s recent threat about further attacks on Iran if the Gulf country does not comply with America’s demand to open Strait of Hormuz.

In his post on Monday, Trump said that April 8 will be a “Power Plant Day and Bridge Day” where Iran will witness “living in hell” if they do not open the key trading passage for global crude oil. United States have given Iran the time till 8 pm (EDT) on April 8.

"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell - JUST WATCH! Praise be to Allah," said Trump in his post.

According to media reports, Iran and the United States have been engaded in potential ceasefire talks for a conflict which entered its sixth week since its beginning on February 28, 2026.

Trump also said that Iran made a ceasefire proposal but it was “not good enough, but it’s a very significant step,” according to an Investor’s Business Daily report.

“They have made and they're negotiating now, and they've made a very significant step. We'll see what happens,” said the US leader.

The mixed cues from West Asia along with the higher price of oil in the market is continuing to weigh down on the investor sentiment across the global market.

COMEX gold trades lower

The New York Mercantile Exchange-based COMEX gold prices were trading 0.6% lower at $4,659.74 per ounce as of 9:48 pm (EDT) on Monday, April 6, compared to $4,684.70 per ounce at the previous market close, as per the official data.

Due to the heightened volatility in the market in oil prices and the US dollar, the gold prices remained under pressure trading lower on Tuesday. On April 7, the US greenback rose back up crossing the 100 psychological level amid the higher demand for the safe haven global currency.

The data collected from the Bloomberg US dollar spot index showed that the greenback was trading 0.12% higher at 100.105 as of 9:48 pm (EDT) on Monday, April 6, compared to 99.9810 at the previous market close.

US stocks close higher

The US indices closed higher after the trading session on Monday as stock market investors still hoped for a near term potential ceasefire agreement between Iran and the United States.

The Dow Jones Industrial Average closed 0.36% higher at 46,669.88 points compared to 46,504.67 points at the previous stock market close, according to MarketWatch data. Stocks like Boeing, American Express, and Cisco Systems were trading higher, while others like Amgen, Salesforce, and Johnson & Johnson were trading lower.

The S&P 500 index closed 0.44% higher at 6,611.83 points on Monday, compared to 6,582.69 points at the previous market close. Stocks like AppLovin, VeriSign, and Seagate Technology were among the gainers, while others like Lumentum Holdings, Invesco, and Supper Micro Computers were among the losers.

MarketWatch data also showed that the Nasdaq Composite closed 0.54% higher at 21,996.34 points, compared to 21,879.18 points at the previous market close. Stocks like Profusa, Focus Universal, and Moolec Science were among gainers, while others like Inno Holdings, Jet.AI, and Quhuo were among the laggards.