Oil prices rose in early trading on Monday, with U.S. West Texas Intermediate (WTI) crude climbing by 1.86% to reach $113.62 per barrel, amid the ongoing conflict in the Middle East and its impact on global energy supplies.
Brent North Sea crude also increased at the opening of trading this week by 1.16%, reaching $110.30 per barrel.
U.S. President Donald Trump renewed his threat to Iran on Sunday, warning of strikes on its bridges and energy facilities on Tuesday unless it reopens the Strait of Hormuz.
Trump wrote on his Truth Social platform: “Tuesday will be power plant day, and bridge day, all in one package, in Iran. There will be nothing like it!!!”
Later, the U.S. president appeared to extend the deadline given to Iran, posting a brief message stating: “Tuesday, 8:00 PM Eastern Time!” He also indicated in remarks to Fox News that there is a “good chance” of reaching an agreement with Iran on Monday.
The war, now in its sixth week since the United States and Israel launched their initial strikes on Iran on February 28, has plunged the Middle East into conflict and significantly disrupted the global economy.
Iran has closed the Strait of Hormuz—through which around 20% of the world’s oil and gas passes—leading to a sharp rise in global energy prices.
AFP
