Oil Hits $110 and Diesel Tops $200 as Trump Threatens Escalation

Oil rallied above $110 a barrel after US President Donald Trump vowed an escalation in the war in Iran over the coming weeks, a move that could prolong disruptions to energy flows through the vital Strait of Hormuz.

West Texas Intermediate surged 11%, while the global Brent benchmark settled near $109. Europe’s diesel futures benchmark climbed above $200 a barrel for the first time since 2022. And Dated Brent, the world’s most important price for real-world oil barrels, surged to an 18-year high.