Oil prices rose as President Trump issued a new ultimatum to Iran regarding the Strait of Hormuz. Brent crude climbed 2.1 per cent to $111.32 a barrel.
The president threatened escalating attacks against Iran, specifically targeting bridges and power plants, unless the major Persian Gulf waterway is reopened. He warned Iranian leaders on Sunday, and later stated in an interview that if no deal is reached, “their whole country is gone.”
Trump’s approach has shifted between diplomatic efforts and threats, potentially complicating attempts to lower oil prices through suggested pauses in attacks or reported progress in negotiations. He previously imposed a deadline on Iran to end its control over the Strait of Hormuz.