Oil Price Today (April 7): Crude oil hovers above $110 as Trump’s Iran deadline keeps investors on edge. What’s next?

April 7, 2026

Oil prices surged as President Trump issued a stern warning to Iran regarding the Strait of Hormuz. Tehran rejected a ceasefire, insisting on a permanent end to the war, while supply disruptions from Russia and potential further escalation in the Middle East are keeping crude prices elevated.

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