Oil prices rise as Trump reaffirms Tuesday deadline for bombarding Iran's power plants, bridges

Oil prices edged higher after U.S. President Donald Trump doubled down on his threats to attack Iran's civil infrastructure, warning that the nation will be "taken out in one night," if the Islamic Republic's leadership failed to reopen the Strait of Hormuz. U.S. West Texas Intermediate crude futures for May were up 0.93% at $113.46 per barrel as of 8:45 p.m. ET. Brent crude for June gained about 0.54% to $110.36 per barrel. Brent crude prices On Monday, Trump repeated his threat that the U.S. will destroy Iran's power plants and bridges if Tehran did not reopen the Strait of Hormuz by 8 p.m. ET on Tuesday, while also signaling that Iranian leadership was negotiating in earnest. The closure of the narrow waterway connecting the Persian Gulf and Gulf of Oman has led to a supply shock, sending prices for crude, jet fuel, diesel, and gasoline soaring since the war broke out on Feb. 28. "They have 'til tomorrow," the president said . "Now we'll see what happens. I can tell you, they are negotiating, we think in good faith, we're going to find out. We're getting the help of some incredible countries that want this to be ended, because it affects them also." Reuters reported that the U.S. and Iran were discussing a framework plan to end their 5-week-old conflict, as Tehran has pushed back against Trump's pressure to swiftly reopen the Strait of Hormuz, which would allow traffic to start flowing again through the vital energy artery. Iran has rejected the U.S. ceasefire proposal, presenting its own 10-point plan, according to Axios , including a permanent end to hostilities in the region, rather than a temporary ceasefire, a protocol for safe passage through the Strait of Hormuz, lifting of sanctions, and reconstruction. But the changes for a ceasefire deal to be reached before the deadline remained slim, according to the report. Trump responded to the proposal, saying that "They made a ... significant proposal. Not good enough, but they have made a very significant step. ...