New Delhi, April 6 -- Global oil prices traded higher on Monday morning after US President Donald Trump threatened potential strikes on Iran's power and other infrastructure if it fails to revoke the blockade on the Strait of Hormuz by Tuesday.

Concerns of further escalation lifted oil prices. However, gains were capped after the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia-together known as 'OPEC+'-decided to increase production in May.

Around 7:15 AM, the June contract of Brent on the Intercontinental Exchange was trading at $110.58, higher by 1.42% from its previous close. The May contract of West Texas Intermediate (WTI) on the NYMEX rose marginally by 0.32% to $111.90 a barrel.

The US presi...