Oil jumps as Trump warns Iran and Hormuz stays mostly shut

Brent crude climbed near $111 a barrel and U.S. oil rose to its highest level this month after President Donald Trump warned Iran to “get moving, FAST” as talks over a peace deal and reopening the Strait of Hormuz remain stuck.

International benchmark Brent crude futures for July rose 1.98% to $111.42 a barrel. U.S. West Texas Intermediate (WTI) futures for June advanced 2.43% to $107.98 per barrel, the highest this month.

The rise came after Trump posted a sharp warning on Truth Social on Sunday, threatening consequences if Iran’s leaders do not act quickly. “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” he wrote.

Analysts say the message highlights the risk that the current deadlock between Washington and Tehran—focused on a peace deal and reopening the Strait of Hormuz—could lead to a return to armed conflict. A fragile ceasefire was reached in April, but tensions remain high, with Tehran keeping the Hormuz waterway mostly closed while the Trump administration continues to blockade Iranian ports.

Before the war, the Strait of Hormuz carried nearly a fifth of the world’s oil and gas supply, making any disruption a major threat to energy markets.

The International Energy Agency (IEA), in its latest monthly update, warned that global oil inventories are shrinking at a record pace while the strait remains closed. It said “rapidly shrinking buffers amid continued disruptions, may herald future price spikes ahead.”

Swiss bank UBS said in a report last week that inventories could fall close to all-time lows of about 7.6 billion barrels by end-May, if oil demand stays the same month over month.

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