Oil prices rise again as the war enters its 6th week and Trump threatens to strike Iran's power plants

Oil prices continue to climb as the US-Israeli war on Iran enters its sixth week. David McNew/Getty Images 2026-04-05T22:28:57.823Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt.

Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Oil prices are rising again after Trump threatened Iran over the closure of the Strait of Hormuz. Brent crude rose to almost $110 at market open. WTI rose 3% to $115. The war has impacted the availability and price of oil, gas, food, and other commodities. AI-generated summary Summaries are generated by an AI model trained on Business Insider's articles. AI may make mistakes or provide inaccurate/incomplete information. We're unable to load that answer right now. Please try again. How does the Strait of Hormuz affect oil? How do geopolitical tensions affect markets? How can countries mitigate oil price shocks? What are the economic impacts of rising oil? What role does Iran play in global oil supply? Oil prices rose at market open after President Donald Trump leveled a profanity-laden threat against Iran on Sunday. Loading audio narration... The president said if Iran didn't open the Strait of Hormuz by Tuesday, the US would target its power plants and bridges.As of 6 p.m. in New York, contracts for Brent crude were trading at $109.57 per barrel, after ending the session Friday at $109.24.Contracts for West Texas Intermediate (WTI) were up 3% at $115 a barrel, after clearing $111.54 at market close on Friday."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," the president posted to his Truth Social account on Sunday.After the US and Israel began bombing Iran in late February, Iran retaliated by essentially closing the Strait of Hormuz, through which a fifth of the world's oil and liquefied natural gas passes.That closure and other war-related shocks have ripped through the global economy. The average price of gas in the US now exceeds $4 for the first time since 2022, when Russia invaded Ukraine. The cost of groceries in the US is also rising.Jet fuel prices, too, are on the rise, reaching $195 at the end of March. Those rising costs, coupled with shortages, have pushed some airlines to pass on additional costs to travelers or cancel flights.