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(Bloomberg) — Oil slumped the most in two weeks after Pakistan sought a last-minute extension of a US deadline for Iran to open the Strait of Hormuz.
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West Texas Intermediate fell as much as 5.2% to near $107 a barrel, after gaining 0.5% on Tuesday in a volatile session, while Brent closed at around $109. US President Donald Trump said he was in “heated negotiations” involving the war with Iran after mediator Pakistan asked for a two-week extension of his Tuesday deadline for Tehran to reopen the waterway.
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Pakistan Prime Minister Shehbaz Sharif posted on social media that talks were “progressing steadily, strongly and powerfully,” and that his country asked Iran “to open Strait of Hormuz for a corresponding period of two weeks as a goodwill gesture.”
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The near-closure of that vital waterway — which normally transits about a fifth of the world’s oil and liquefied natural gas — has roiled energy markets, with WTI gaining almost 70% since the conflict started at the end of February. Trump has extended several previous deadlines for Iran to reopen the strait, and traders will be closely watching for a last-minute reprieve.
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“If we see a peaceful agreement arise and the strait is re-opened mutually, crude could see a $15 to $30 a barrel immediate drop,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc.
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The lead-up to the 8 p.m. Eastern Time deadline has been marked by military escalation and increasingly bellicose threats from the US president aimed at Iran, including a post saying “a whole civilization will die tonight.” Earlier in the day, American forces struck sites on the Islamic Republic’s Kharg Island similar to those that were hit in a round of attacks last month, but didn’t target energy infrastructure, according to US officials.
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Speaking earlier in Budapest, Vice President JD Vance said he’s confident Iran will issue a response in time. But he also hinted at a military operation that would surpass anything the US and Israel have waged so far.
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—With assistance from Charles Gorrivan.
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