Vincent Wu
Research Associate, Flux
Brent Drops To $107
Trump threatens Iran over Hormuz; tensions rise as Iran rejects deal.
Published: April 6, 2026
Written by:
Vincent Wu
4 page report
Jun'26 Brent futures gapped up more than $2.50/bbl on open this morning, to $111.57/bbl at 01:00 BST, but closed the gap, at $107.25/bbl at 10:27 BST (time of writing).
This weekend, US President Donald Trump threatened to attack Iran’s civilian infrastructure, including bridges and power plants, if the Strait of Hormuz is not reopened by his deadline. He issued the warning in a strongly worded social media post. Trump issued another threat to Iran, writing that it has 48 hours to “make a deal or open up the Hormuz Strait”. This 48-hour deadline is 03:05 AM BST. Iran condemned the threats, calling them potential war crimes and warning of retaliation if such attacks occur. Tehran has rejected a reported 15-point US proposal to end the war, calling it “extremely ambitious, unusual, and illogical,” according to Foreign Ministry spokesman Esmail Baghaei. He said the plan was conveyed through intermediaries such as Pakistan and other friendly countries, while Iran has already finalised its own demands based on national interests. Baghaei stressed that engaging with mediators does not signal weakness and that Iran will not bow to external pressure. He added that Iran’s responses have been prepared and will be announced clearly when deemed necessary. Spain imported 4.4 mt of crude oil in February 2026, a 12.7% y/y decline. This follows a smaller decline in January (2.3% y/y). OPEC+ agreed to raise oil output quotas by 206 kb/d for May, though the increase is largely symbolic because key members cannot boost production amid the ongoing US-Israeli war with Iran. Indonesia requires oil and gas producers to prioritise domestic supply to strengthen energy security. The government will limit LNG exports this year and redirect some shipments, including cargoes from BP’s Tangguh plant, to local buyers. It is also delaying some overseas deliveries and expecting additional supply from the Bontang plant.
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