US crude oil futures climb around 4% to $116.8 per barrel, highest since 2008
Mücahithan Avcıoğlu
April 07, 2026•Update: April 07, 2026
US crude oil futures climbed around 4% to $116.8 per barrel on Tuesday, reaching their highest level since 2008, as energy commodities advanced ahead of US President Donald Trump’s deadline for Iran to accept US demands and reach a ceasefire.
West Texas Intermediate (WTI) oil futures topped $115 a barrel earlier Tuesday after strikes on military targets on Iran’s Kharg Island.
The gains came as investors continued to price in mounting supply risks in the Middle East, with markets closely watching whether Tehran will respond to Washington’s demands before Trump’s stated deadline.
Trump said the Tuesday deadline was final, while Iran rejected a temporary ceasefire proposal and instead called for a permanent end to the war, according to media reports.
Oil prices have remained under upward pressure amid fears of further disruption to regional energy flows, particularly around the Strait of Hormuz, a strategic passage for global crude shipments.
The latest move in US crude came as broader energy commodities also posted gains, reflecting market concern that any further escalation could deepen supply constraints and keep volatility elevated across global oil markets.
