Oil Prices Increase Over 2% Amid Iran Conflict Uncertainty

AI Summary

U.S. West Texas Intermediate crude futures rose over 2% to $112.41 per barrel, while Brent crude increased approximately 1.3% to $109.77 per barrel. This surge follows President Trump's reaffirmation of a Tuesday deadline for Iran to reopen the Strait of Hormuz, warning of imminent military action otherwise. The conflict, ongoing since February 28, has resulted in a supply shock affecting crude and fuel prices. Shipping resumed slowly, with 8 tankers transiting Monday compared to fewer than 2 per day in March, indicating some market stabilization amidst geopolitical tensions.