Commodities
Oil Pushes Higher as Clock Ticks on Trump’s Hormuz Ultimatum
A man walks along the shore as oil tankers and cargo ships line up in the Strait of Hormuz, in Khor Fakkan, United Arab Emirates, on March 11.
Photographer: Altaf Qadri/AP PhotoOil gained from the highest close since mid-2022, as investors weighed whether President Donald Trump’s two-day ultimatum to Iran to reopen the Strait of Hormuz and Tehran’s threat of reprisals would lead to fresh attacks on regional energy infrastructure.
Brent rose above $113 a barrel, up for a fifth day, while West Texas Intermediate was near $100. Trump said Iran must “fully open” the waterway within 48 hours, or have its power plants bombed. Tehran warned it would attack key infrastructure across the Middle East if Trump followed through.