Original Source
Oil Prices Volatile After Trump's Strait of Hormuz Threat
Oil Prices Above $100 Amid Prolonged Conflict Concerns
Oil prices remained well north of $100 per barrel after markets opened, as the Iran war entered its fourth week. This suggests traders do not foresee a near-term end to the conflict or the risks to oil transit in the Strait of Hormuz that are throttling supplies. This marks the first major trading session since President Donald Trump stated on Saturday night that Iran has 48 hours to reopen the Strait of Hormuz or face U.S. action against its power plants.
Global Oil Trends and Economic Ramifications
The global benchmark Brent crude initially rose into the $113 range before dipping slightly on Sunday evening. However, the price remained largely unchanged from Friday's close, up approximately 55% from pre-U.S. strike levels. WTI, the main U.S. reference, hovered near $99, with the average U.S. gasoline price approaching $4 per gallon, at $3.94 on Sunday. NATO Secretary-General Mark Rutte confirmed that 22 countries are collaborating on a U.K.-led initiative to secure the waterway. Michael McCarthy, CEO of Moomoo, noted that the conflict is fueling inflationary pressures, which could hinder central banks' ability to lower interest rates.
*Source: Axios (2026-03-23)*
