Oil futures rose on Monday, recovering from early declines, after the U.S. reiterated its warning that Iran's power plants and bridges will be destroyed by Tuesday, April 7, if it did not reopen the Strait of Hormuz it has blockaded.

Oil and product futures dipped Monday on expectations of a potential truce over Iran despite U.S. President Donald Trump's warning that there will be unrestrained attacks on the country's energy infrastructure if it did not reopen the Strait of Hormuz by Tuesday.

Oil futures prices resumed their rally Thursday after a two-day reprieve, with WTI trading at a premium to Brent for the first time in four years, as the U.S. and Iran threatened further escalation in the five-week long Middle East conflict.

Oil and product prices rallied Thursday morning after U.S. President Donald Trump said strikes on Iran will intensify over the next two to three weeks and the U.S. is not responsible for reopening the Strait of Hormuz.

Energy prices fell broadly Wednesday, although crude stayed above $100 barrel (bbl) as market participants awaited U.S. President Donald Trump's announcement on when the Iran war will end.

Crude oil and products futures slipped Wednesday morning after U.S. President Donald Trump told reporters U.S. military operations against Iran could cease in the next two to three weeks and a negotiated deal with Tehran wasn't a necessary condition for the war to end.

Brent crude futures posted record high advances for March and the first quarter on Tuesday, while NYMEX West Texas Intermediate had its largest rise since the 2020 pandemic, as the Middle East conflict shaped the outcome of energy...