Trump warned that Iran would face serious consequences if it missed his 8 p.m. EDT Tuesday deadline to reopen the strait, saying the country “could be taken out” if it failed to comply. He went further, stating that the U.S. could destroy all of Iran’s bridges and power plants “within four hours” if no agreement is reached.

Crude oil price on April 7

Brent crude futures gained 57 cents, or 0.5%, to $110.34 per barrel as of 1202 GMT. U.S. West Texas Intermediate crude rose $1.26, or 1.1%, to $113.67 per barrel.At the same time, he claimed that Iranians were prepared to endure hardship for their freedom, referring to intercepted communications that allegedly urged the U.S. to “please keep bombing.”

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Iran, responding to a U.S. proposal conveyed through mediator Pakistan, rejected the idea of a ceasefire. It insisted that only a permanent end to the war would be acceptable and resisted pressure to restore access to the strait.
Iranian forces shut the Strait of Hormuz after U.S. and Israeli attacks began on February 28, disrupting a passage that typically accounts for around 20% of global oil flows.
Supply risks were further heightened after Russia said Ukrainian drones struck the Caspian Pipeline Consortium’s terminal on the Black Sea on Monday. The facility, which handles about 1.5% of global oil supply, reportedly suffered damage to loading and storage infrastructure.
Meanwhile, OPEC+ agreed on Sunday to increase oil output quotas by 206,000 barrels per day in May. However, the actual impact may be limited, as several members are unable to raise production due to export constraints caused by the strait closure.

What’s next?

Crude oil is holding at elevated levels, reflecting sustained strength driven by supply disruption fears, while natural gas remains largely range-bound with mild volatility, indicating a balanced demand-supply scenario.

International brokerage Macquarie has said that even if tensions ease in the near term, oil prices are likely to find support in the $85–$90 range, with a gradual move back toward $110 until normal flows through the Strait of Hormuz resume. The note added that if disruptions persist through April, Brent could still climb to $150 per barrel.

Looking ahead, crude prices could move higher from current levels. According to Kayanat Chainwala of Kotak Securities, oil may rise to $120 per barrel in the near term and potentially touch $150 if the conflict continues.

Nuvama Institutional Equities echoes the same view. The continued closure of the Strait of Hormuz, which handles around 20 million barrels per day, could push crude prices to the $110–150 per barrel range.

Experts say if ongoing tensions persist, the outlook for crude oil remains volatile and tilted upward. Continued conflict in the Middle East, especially disruptions around the Strait of Hormuz, would keep supply chains constrained, pushing Brent and WTI prices higher and sustaining inflationary pressures worldwide.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Advancing payment innovations and enhancing regional connectivity in Thailand and ASEAN, with a focus on future trade financing solutions and fostering collaboration through forthcoming conferences.

Key Points

• Payments Innovation: Focus on advancements in payment systems aimed at enhancing trade and financial transactions in Thailand and the broader ASEAN region.
• Regional Connectivity: Emphasis on building strong connections and collaborations among ASEAN nations to boost regional trade effectiveness and efficiency.
• Future Financing Solutions: Introduction of innovative financing services by TFG designed to support and facilitate the growth of trade in tomorrow’s market.

Payment Innovations in Thailand’s ASEAN Landscape

Thailand is emerging as a leader in payment innovations within the ASEAN region, leveraging technology to enhance transactional efficiency. The country’s initiatives place emphasis on digital payment systems that cater to both consumers and businesses, ensuring that financial inclusion is at the forefront of these developments. By enhancing transactional mechanisms, Thai fintech companies are fostering a more interconnected economy, enabling seamless transactions across borders within ASEAN. This not only boosts local businesses but also facilitates international trade, paving the way for dynamic economic growth in the region.

Enhancing Regional Connectivity

The drive for enhanced regional connectivity is central to the payment innovations being observed in Thailand. Efforts are being made to create interoperable payment systems that allow for easy fund transfers between countries in Southeast Asia. Such advancements are critical in addressing barriers to trade and commerce, promoting a fluid exchange of goods and services. By focusing on collaboration among ASEAN nations, Thailand aims to unify various financial networks, thereby promoting economic cooperation and stability across the region. This creates a robust framework for businesses to thrive in a competitive landscape.

Future Directions and Challenges

Despite the exciting prospects of payment innovations, challenges remain in ensuring security and regulatory compliance across different jurisdictions. As Thailand leads the charge in modernizing payment systems, the necessity for robust cybersecurity protocols becomes paramount to safeguard users’ information. Additionally, aligning national regulations with ASEAN’s broader goals requires meticulous planning and cooperation. As these innovations mature, the focus will also need to shift towards sustaining growth through continuous investment in technology and talent. Ensuring that the regional payment ecosystem remains secure and efficient will be vital for long-term success in ASEAN.

Source : Payments innovation and regional connectivity from Thailand and across ASEAN

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Toyota is recalling more than 73,000 hybrid vehicles over a pedestrian warning sound issue, according to the National Highway Traffic Safety Administration (NHTSA).

Certain 2023–2025 Toyota Corolla Cross Hybrid vehicles are affected by the recall effort because they do not make a loud enough sound while in reverse, making it harder for pedestrians to hear and increasing the risk of injury.

“The vehicles may fail to make sufficient pedestrian warning sounds when in reverse,” the NTSB said in its announcement.

TOYOTA RECALLS MORE THAN 144,000 LEXUS VEHICLES OVER REARVIEW CAMERA FAILURE RISK

Toyota is recalling more than 73,000 hybrid vehicles over a pedestrian warning sound issue. (Getty Images / Getty Images)

“As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 141, ‘Minimum Sound Requirements for Hybrid and Electric Vehicles,’” the agency continued.

A total of 73,528 vehicles are affected by the recall, although only about 1% of them are likely to have the defect.

About 73,528 Toyota Corolla Cross Hybrid vehicles are affected by the recall. (BAY ISMOYO/AFP via Getty Images / Getty Images)

The recall numbers are 26TB08 and 26TA08.

Toyota dealers will update the software on the affected vehicles free of charge to fix the pedestrian warning sounds.

FORD RECALLS MORE THAN 254,000 SUVS DUE TO SOFTWARE ISSUES

Toyota dealers will update the software on the affected vehicles free of charge to fix the pedestrian warning sounds. (Smith Collection/Gado/Getty Images / Getty Images)

CLICK HERE TO GET FOX BUSINESS ON THE GO

Owner notification letters alerting consumers of the safety risks are expected to be mailed out by May 30, 2026.

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Brent crude futures rose 57 cents, or 0.5%, to $110.34 a barrel by 1202 GMT, while U.S. West Texas Intermediate crude futures were up $1.26, or 1.1%, at $113.67.

Trump, has threatened ‌to rain “hell” on ⁠Tehran if ⁠it fails to comply with his deadline of 8 p.m. EDT Tuesday to reopen the strait. “They could be taken out,” Trump warned, pledging further action if a deal is not reached.

Responding to a U.S. proposal through mediator Pakistan, Tehran rejected a ceasefire and said a permanent end to the war was necessary, and pushed back against pressure to reopen the strait.

Iranian forces effectively shut the Strait of Hormuz after U.S. and Israeli attacks began on February 28, disrupting a waterway that typically carries about 20% of global oil flows.

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“Clock-watching is now playing almost as big a role in oil markets as the ⁠fundamentals themselves ‌in the run-up to Trump’s ultimatum deadline,” said Tim Waterer, chief market analyst at KCM Trade.
“The potential for a ceasefire deal offers some counterweight and could spark a relief move lower if it gains traction, but ⁠persistent supply worries from the Hormuz chokepoint and damaged energy facilities are keeping the floor under prices.” On Monday, Iran’s Revolutionary Guards halted two Qatar liquefied natural gas tankers and directed them to hold position without providing explanations, sources told Reuters. However, shipping data has shown limited vessel movement through the strait since last Thursday.

The U.N. Security Council is expected to vote on Tuesday on a resolution to protect commercial shipping in the Strait of Hormuz, but in significantly watered-down form after veto-wielding China opposed authorizing force, diplomats said.

The attack in the region continued as explosions were heard in the Syrian capital, Damascus, and surrounding countryside on Tuesday that were caused ‌by the Israeli interception of Iranian missiles, Syrian state TV reported.

Saudi Arabia said on Tuesday it intercepted and destroyed seven ballistic missiles launched towards its Eastern Region, with debris falling near energy facilities, according to the defence ministry.

The conflict has pressured global crude ⁠markets, with spot premiums for U.S. WTI crude surging to record highs as Asian and European refiners scramble to secure replacement supplies amid disrupted Middle Eastern flows.

Saudi Arabia’s state oil company Aramco raised the official selling price of its Arab Light crude to Asia for May delivery, setting a record premium of $19.50 a barrel above the Oman/Dubai average.

Adding to supply concerns, Russia on Monday said Ukrainian drones attacked the Caspian Pipeline Consortium’s terminal on the Black Sea, which handles 1.5% of global oil supply. Russia reported damage to loading infrastructure and storage tanks.

OPEC+ agreed on Sunday to lift oil output quotas by 206,000 bpd in May, though the increase will be largely notional as key members cannot boost production because strait closures are curbing exports.