WTI crude oil futures surged back above $115 mark on Tuesday morning in Asia , its highest level since mid 2022 as Trump warned he would target Iranian power plants and bridges if his conditions are not met by Tuesday 8 p.m. Eastern Time, including the reopening of the Strait of Hormuz. Trump's statement ruled out any possibility of a ceasefire and signaled escalation of tensions between the two countries. Currently, WTI crude futures are quoting at $115.44 per barrel, up 2.59% on the day whereas Brent oil futures are up 1.4% at $111.38 per barrel. Meanwhile, the Organization of the Petroleum Exporting Countries and allies (OPEC+) on Sunday agreed to increase production by 206,000 barrels per day (bpd) in May, though it is unclear how the oil will reach the global market with the Strait still closed. The American Petroleum Institute (API) report on crude inventories, which will be published later on Tuesday would be closely watched.

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