❓WHAT HAPPENED: Dated Brent crude—a short-term price benchmark for North Sea crude oil—hit an all-time high of $144.42, just hours before a ceasefire deadline with the Islamic Republic of Iran set by U.S. President Donald J. Trump is due to expire.
👤WHO WAS INVOLVED: President Donald J. Trump, oil traders, the Islamic Republic of Iran, European and Asian refiners, and the U.S. military.
📍WHEN & WHERE: Tuesday, April 7, 2026.
💬KEY QUOTE: “When there is a real, physical shortage, people are not thinking about July delivery—June loading and hence June futures prices—but oil now.” – Oil trader Adi Imsirovic
🎯IMPACT: The price spike, nearing $150 per barrel, suggests the global energy crisis sparked by the Iran war has worsened, with European and Asian refiners now paying well above the value of oil futures.
Dated Brent crude—a short-term price benchmark for North Sea crude oil—hit an all-time high of $144.42, just hours before a ceasefire deadline with the Islamic Republic of Iran set by U.S. President Donald J. Trump is due to expire. The price spike, nearing $150 per barrel, suggests the global energy crisis sparked by the Iran war has worsened, with European and Asian refiners now paying well above the value of oil futures.
Notably, the war has resulted in the loss of an estimated two million barrels per day—roughly 12 percent of the global oil supply—due to the effective closure of the Strait of Hormuz after Iran began targeting vessels attempting to traverse the critical waterway. According to oil trader Adi Imsirovic, the primary cause of the oil price spike is “panic.” Regarding the sudden jump in short-term prices, Imsirovic explains, “When there is a real, physical shortage, people are not thinking about July delivery—June loading and hence June futures prices—but oil now.”
The surge in oil demand comes on the heels of President Trump’s early Tuesday warning that “A whole civilization will die tonight, never to be brought back again.” Importantly, Trump’s statement alludes to looming military strikes against Iran’s power plants, desalination facilities, and other critical infrastructure if the Islamic Republic doesn’t agree to a ceasefire plan before 8:00 PM EST.
The National Pulse reported earlier on Tuesday that the U.S. military struck around 50 military targets on Iran’s Kharg Island, a critical oil export hub for the Islamist regime located in the northern Persian Gulf. While the strikes avoided hitting oil infrastructure, President Trump has warned in the past that he may order the entire island to be destroyed.
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