23.03.202607:40:03UTC+00Brent Jumps as US, Iran Trade Threats

Brent crude futures rose above $113 per barrel on Monday, poised for their highest close since mid-2022 as investors weighed Trump’s ultimatum demanding that Iran reopen the Strait of Hormuz. Over the weekend, Trump warned he would “obliterate” major Iranian power plants if the key waterway was not reopened to shipping by late Monday. Tehran responded that it would strike US and Israeli assets across the region — including energy, information technology and desalination infrastructure — if its own energy facilities were attacked. A senior Iranian official further cautioned that financial institutions purchasing US Treasuries could be deemed “legitimate targets.” Oil prices have jumped roughly 50% since the outbreak of the Iran war, with the conflict showing no signs of easing, effectively closing the Strait of Hormuz and sharply curtailing Middle Eastern oil production. A coordinated release of strategic reserves, along with US efforts to facilitate sales of Russian and Iranian crude, has so far failed to halt the rally.