Oil Holds Near Highest Since 2022 as Trump Threats Escalate

US oil held near its highest close since June 2022 as President Donald Trump escalated threats to obliterate key Iranian infrastructure if his terms aren’t met before a Tuesday deadline.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — US oil held near its highest close since June 2022 as President Donald Trump escalated threats to obliterate key Iranian infrastructure if his terms aren’t met before a Tuesday deadline. Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.West Texas Intermediate traded near $113 a barrel, after adding 0.8% on Monday, while Brent settled just below $110. Trump said Monday that talks with Iran are “going well,” even though he listed reopening the Strait of Hormuz as “a very big priority.”The US president laid bare the consequences Iran would face if it doesn’t reach a deal by his Tuesday 8 p.m. Eastern Time cut-off, saying the US military could destroy “every bridge in Iran by 12 o’clock tomorrow night.” Power plants would be rendered “burning, exploding and never to be used again,” he said, which would be a breach of the Geneva Conventions.Iran has warned that it would respond to the kind of strikes Trump is threatening against civilian targets by ramping up its own attacks on energy infrastructure in the Gulf — a move that could heighten the global fuel squeeze and amplify damage to the world economy. The war — which is now in its sixth week — has roiled crude markets, triggering a severe supply shock.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Trump’s “not backing off previous statements,” said Carl Larry, an oil and gas analyst at Enverus. “Think we’re getting to an end, but that might not be the best if it culminates in military actions.”As the war grinds on, there are other signs of concern about near-term supply. WTI’s prompt spread — the difference between its two nearest contracts — at one point traded near $15.50 a barrel on Monday, close to the biggest premium on record. The widening was ushered in by firming expectations of tighter US supplies as overseas buyers rush to purchase American crude.—With assistance from Charles Gorrivan.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.