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Darwin, 23 March : Global oil prices climbed on Monday following a 48-hour ultimatum issued by Donald Trump demanding Iran reopen the Strait of Hormuz, alongside Israel’s warning that the ongoing war could last for weeks.
Trump cautioned that if the vital shipping route is not reopened within the deadline, the United States would move to destroy Iran’s energy infrastructure. At the same time, Israeli officials signaled that military operations are likely to continue, further escalating tensions in the region.
According to Agence France-Presse (AFP), oil markets reacted immediately after opening late Sunday. U.S. benchmark crude, West Texas Intermediate (WTI) for May delivery, surged by 1.8 percent, briefly pushing prices above $100 per barrel before easing slightly.
Similarly, North Sea Brent crude for May delivery rose by the same margin, reaching $113.44 per barrel. However, within 45 minutes of trading, prices stabilized near $111 per barrel.
The sharp rise marks a significant jump from pre-conflict levels. On February 27, just before the onset of U.S.-Israeli strikes on Iran, WTI and Brent crude were trading at $67.02 and $72.48 per barrel respectively.
The latest developments highlight growing fears in global markets that prolonged conflict and disruptions in the Strait of Hormuz—one of the world’s most critical oil transit routes—could severely impact energy supplies worldwide.
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