Oil Edges Higher in Choppy Trading Before Trump’s Iran Deadline

US crude oil ended the day slightly higher as traders parsed conflicting messaging on the trajectory of the Mideast conflict ahead of US President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz or face destruction.

West Texas Intermediate settled near $113 a barrel. Given current supply constraints, the market is putting a premium on barrels for near-term delivery. May WTI closed the day higher. But Brent, the global benchmark for futures, is trading on the June contract, and prices ended Tuesday a bit lower near $109.

In another sign of how scarce spot supplies are, Dated ...