On Monday, the price of Brent crude for June delivery rose slightly by 0.70%, remaining below the $110 mark, after U.S. President Donald Trump once again threatened Iran with "hell" if it does not reopen the Strait of Hormuz by Tuesday.
According to market data collected by EFE, at 7:15 AM, Brent rose 0.70% to $109.73 per barrel on the London futures market. This comes as Trump issued a new ultimatum for Iran to open the passage for ships in the Strait of Hormuz, otherwise threatening to attack the country's power plants and bridges.
Trump announced on Sunday that he will hold a press conference at the White House accompanied by military officials, during which it is expected that the head of state will provide more details on the aforementioned ultimatum.
In this context, the OPEC+ alliance, led by Saudi Arabia and Russia, agreed on Sunday to increase its oil production by 206,000 barrels per day starting May 1. This is a symbolic step, as the implementation of the increase will not be possible as long as the war in Iran continues and the Strait of Hormuz remains blocked.
The decision was made in a teleconference by the Energy and Oil Ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The eight countries "expressed concern over attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is costly and time-consuming, which affects the overall availability of supply".
While Brent is rising slightly (in March it accumulated a 63% revaluation, its largest monthly increase since at least 1988), intermediate Texas oil (WTI) is trading down slightly by 0.25% on Monday before the official market opening in the U.S., at $111.26 per barrel.
