Oil prices volatile after Trump's Strait of Hormuz threat Oil prices remained above $100 per barrel in early trading Sunday as the Iran conflict entered its fourth week, reflecting persistent uncertainty over the security of oil shipments through the Strait of Hormuz. The market’s reaction suggests traders remain concerned about the prolonged disruption to global supply and the potential for further escalation in the region. The price of Brent crude, the global benchmark, initially climbed to around $113 per barrel before stabilizing near $111 late Sunday. This level marked a modest decline from Friday’s close but still represented a 55% increase from prices before the U.S. military strikes on Iran began. Meanwhile, U.S. crude, or West Texas Intermediate (WTI), hovered near $99, with the average national gasoline price inching closer to $4 per gallon, reaching $3.94 according to AAA tracking. The volatility came amid heightened tensions following President Trump’s warning that Iran had 48 hours to reopen the Strait of Hormuz or face U.S. military action targeting the country’s power infrastructure. The threat, announced Saturday night, added to existing fears about the strait’s closure, which has already disrupted oil flows on an unprecedented scale. Analysts noted that the prolonged crisis has kept prices elevated, with traders skeptical about a swift resolution to the conflict. Former Energy Secretary Dan Brouillette, speaking to Axios, suggested that oil prices could decline sharply once the war concludes. “If it ends in the next couple of weeks, we’re going to see what everybody is forecasting—oil prices are going to drop pretty quickly,” he said. However, the timeline for an end remains unclear, with ongoing diplomatic efforts to secure safe passage for oil tankers through the strait.#iran #trump #brent_crude #strait_of_hormuz #wti
