22.03.202623:22:46UTC+00Oil Remains Volatile

WTI crude futures hovered near $98 per barrel on Monday, after briefly rising to as high as $101.50 earlier in the session, as investors weighed President Donald Trump’s ultimatum to Iran over reopening the Strait of Hormuz. Over the weekend, Trump warned he would “obliterate” key Iranian power plants if the vital shipping lane was not restored to commercial traffic by late Monday. Tehran responded by threatening to strike US and Israeli assets across the region — including energy, information technology, and desalination infrastructure — should its own energy facilities come under attack. Oil prices have jumped roughly 50% since the onset of the Iran war, with the conflict showing no sign of easing, effectively shutting the Strait of Hormuz and severely constraining Middle Eastern oil output. The IEA has warned that the global oil market is experiencing its largest-ever shock, despite substantial emergency stock releases and US efforts to facilitate additional flows of Russian and Iranian crude.