06.04.2026 19:07
**Accordingto multiple online sources**
WTI Crude Oil markets are experiencing fresh volatility as the looming Tuesday deadline approaches. In early Monday trading, the May contract surged to roughly $115 before retreating toward $112, essentially mirroring Thursday’s final settlement. Spot prices moved within a narrow band, slipping about 0.2% to settle near $104 after briefly touching $106 on the upside and $101 on the downside. The pronounced divergence between spot levels and front‑month futures underscores the intense backwardation currently gripping the oil market, as traders embed a sizable near‑term delivery premium tied directly to the looming deadline.
On Sunday, former President Donald Trump issued an expletive‑laden warning on his Truth Social platform, declaring that Tuesday would become “Power Plant Day, and Bridge Day, all wrapped up in one” unless Iran reopens the Strait of Hormuz by 8 pm Eastern Time. While he left the door open for a diplomatic solution, he simultaneously cautioned that “everything” would be blown up if no agreement materialized. Iran swiftly dismissed the ultimatum; the Foreign Ministry spokesman argued that negotiations cannot proceed under threats of war crimes, and a senior deputy in the presidential office insisted that the strait would only reopen once reparations for war‑damage are paid.
The Strait of Hormuz, a critical oil‑shipping chokepoint, has been effectively shut since late February after the United States and Israel conducted strikes on Iranian facilities, removing an estimated 17 – 18 million barrels per day from normal transit routes. In an attempt to defuse tensions, a Pakistan‑brokered 45‑day cease‑fire proposal was floated over the weekend, with foreign ministers from Pakistan, Egypt, and Turkey relaying messages between Washington and Tehran. Iranian officials rejected the proposal, and mediators now express diminishing optimism that a breakthrough will occur before Tuesday’s hard deadline.
Meanwhile, the U.S. Energy Information Administration (EIA) disclosed that crude inventories rose by 5.5 million barrels for the week ending March 27, a development that adds further pressure on price dynamics amid the already tight supply environment. The convergence of geopolitical brinkmanship, dwindling shipping flows, and deteriorating inventories continues to fuel sharp swings in both spot and futures markets.
