US crude benchmark opens above $113 as Brent exceeds $110
Trump Gives Iran a Tuesday Ultimatum as Oil Prices Surge Amid Middle East War
Global Market – (Web Desk) – Oil prices kicked off the week on a strong note. The US benchmark crude, West Texas Intermediate, climbed nearly 2% to $113.62 per barrel, while North Sea Brent crude also rose, hitting $110.30 per barrel. The price surge comes as the ongoing conflict in the Middle East continues to tighten the world’s energy supplies.
Adding to the tension, President Donald Trump has given Iran a Tuesday deadline to end hostilities and reopen the Strait of Hormuz — a vital shipping route for global oil. In a fiery social media post on Sunday, Trump threatened to target Iran’s power plants and bridges if the country failed to comply.
“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” Trump posted on his Truth Social account.
However, in a softer follow-up comment to Fox News, Trump said he believed there was a “good chance” Iran might come to the table and agree to a deal by Monday — leaving the door open for a diplomatic resolution.
US-Israeli Strikes Hit Iran, Lebanon Amid Rising Tensions
The war, entering its sixth week since the US and Israel first attacked Iran on February 28, has engulfed the Middle East in conflict and upended the global economy.
Iran has virtually blocked the Strait of Hormuz, through which about 20 percent of the world’s oil and gas transits, sending petroleum prices skyrocketing.
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