Oil prices mixed; Brent flat, US crude up as Iran keeps Hormuz shut ahead of Trump deadline

## Summary
Advertisement World Oil prices mixed; Brent flat, US crude up as Iran keeps Hormuz shut ahead of Trump deadline Analysts warned the market is “leaning further into a prolonged disruption scenario.” A drone view of a pump jack and drilling rig south of Midland, Texas, US Jun 11, 2025. (Photo: REUTERS/Eli Hartman) 08 Apr 2026 01:22AM Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. Click here to return to FAST Tap here to return to FAST FAST NEW YORK: Oil prices were mixed on Tuesday (Apr 7) with Brent futures flat, while US crude remains on track for its highest close since 2022, ahead of a deadline set by US President Donald Trump for Iran to open the Strait of Hormuz or face attacks on power plants and other infrastructure. At the end of March, when the Brent front-month was for delivery in May, Brent also closed at its highest since June 2022. "WTI crude is ... extending gains as the market leans further into a prolonged disruption scenario rather than a near-term resolution," analysts at energy consulting firm Gelber & Associates said. Related: Thailand weighing overnight petrol station closures to save fuel: PM Oil prices rally, stocks edge up after Trump's latest Iran threat Iran rejects ceasefire as Trump says entire country can be 'taken out' Source: Reuters/fs Sign up for our newsletters Get our pick of top stories and thought-provoking articles in your inbox Subscribe here Get the CNA app Stay updated with notifications for breaking news and our best stories Download here Get WhatsApp alerts Join our channel for the top reads for the day on your preferred chat app Join here Related Topics Strait of Hormuz US-Israel war on Iran oil prices Advertisement Also worth reading Content is loading...

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Oil prices mixed; Brent flat, US crude up as Iran keeps Hormuz shut ahead of Trump deadline
Analysts warned the market is “leaning further into a prolonged disruption scenario.”
A drone view of a pump jack and drilling rig south of Midland, Texas, US Jun 11, 2025. (Photo: REUTERS/Eli Hartman)
08 Apr 2026 01:22AM
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NEW YORK: Oil prices were mixed on Tuesday (Apr 7) with Brent futures flat, while US crude remains on track for its highest close since 2022, ahead of a deadline set by US President Donald Trump for
Iran
to
open the Strait of Hormuz or face attacks
on power plants and other infrastructure.
Brent futures LCOc1 fell 29 cents, or 0.3 per cent, to US$109.48 a barrel at 11.59am EDT (11.59pm, Singapore time), while US West Texas Intermediate crude CLc1 rose US$2.58, or 2.3 per cent, to US$114.99.
Typically WTI trades at a discount to Brent, but this has reversed in a market where barrels for earlier delivery command a higher price. The benchmark WTI contract is for May delivery while Brent is for June.
WTI was on track to close at its highest level since June 2022 for a fourth day in a row. At the end of March, when the Brent front-month was for delivery in May, Brent also closed at its highest since June 2022.
"WTI crude is ... extending gains as the market leans further into a prolonged disruption scenario rather than a near-term resolution," analysts at energy consulting firm Gelber & Associates said.
At the same time, the premium of the WTI front-month over the second-month CLc1-CLc2 was on track to close at a record high for a third day in a row.
"Time spreads have continued to widen, signalling that the tightness is most acute in the prompt market as refiners compete for immediately available barrels," analysts at Gelber said.
European and Asian refiners are paying
record-high
prices of near US$150 a barrel for some crude oil grades, far exceeding prices for paper futures, highlighting the worsening supply crisis from the US-Israel war on Iran.
Related:
Thailand weighing overnight petrol station closures to save fuel: PM
Oil prices rally, stocks edge up after Trump's latest Iran threat
Iran rejects ceasefire as Trump says entire country can be 'taken out'
Source: Reuters/fs
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## Expert Analysis

### Merits
N/A

### Areas for Consideration
- Related: Thailand weighing overnight petrol station closures to save fuel: PM Oil prices rally, stocks edge up after Trump's latest Iran threat Iran rejects ceasefire as Trump says entire country can be 'taken out' Source: Reuters/fs Sign up for our newsletters Get our pick of top stories and thought-provoking articles in your inbox Subscribe here Get the CNA app Stay updated with notifications for breaking news and our best stories Download here Get WhatsApp alerts Join our channel for the top reads for the day on your preferred chat app Join here Related Topics Strait of Hormuz US-Israel war on Iran oil prices Advertisement Also worth reading Content is loading...

### Implications
- The benchmark WTI contract is for May delivery while Brent is for June.
- At the end of March, when the Brent front-month was for delivery in May, Brent also closed at its highest since June 2022. "WTI crude is ... extending gains as the market leans further into a prolonged disruption scenario rather than a near-term resolution," analysts at energy consulting firm Gelber & Associates said.

### Expert Commentary
This article covers brent, fast, prices topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 557.