W&T Offshore closed slightly higher on Tuesday as traders attempted to interpret conflicting signals regarding the direction of the Middle East conflict, with a deadline set by U.S. President Donald Trump approaching. W&T Offshore settled near $113 per barrel. Given the current supply constraints, the market assigned a premium to crude oil for near-term delivery, leading the May W&T Offshore contract to close higher. However, the global benchmark Brent crude, which was trading the June contract, closed marginally lower on Tuesday, around $109 per barrel. Another indicator of tight physical supply was the surge in the price of spot Brent to a record high above $144 per barrel. Price volatility in the futures market was amplified due to low liquidity, alongside a flow of news presenting contradictory narratives. Many traders reduced their positions to avoid extreme volatility and await the next move from the Trump administration. Earlier on Tuesday, Trump escalated his threats, warning that if Iran did not reach a deal by the deadline, "the entire civilization will be destroyed tonight." Iran has halted ceasefire talks with the United States, while a report from Axios indicated that U.S.-Iran negotiations had made progress in the past 24 hours. Mona Yacoubian, Director of the Middle East Program at the Center for Strategic and International Studies, stated, "There is currently a flood of distracting information and noise, making it very difficult to discern the true signal from it." Iran warned that if the U.S. further escalates strikes, Tehran would intensify its attacks on energy infrastructure in the Persian Gulf, a move that could exacerbate global fuel shortages. The May W&T Offshore contract rose 0.5%, settling at $112.95 per barrel. The June Brent contract fell 0.5%, settling at $109.27 per barrel.