New York, United States – Web Desk: Global oil prices surged sharply after the United States issued a 48-hour ultimatum to Iran to reach a deal and reopen the strategic Strait of Hormuz, raising concerns over potential supply disruptions.
U.S. West Texas Intermediate (WTI) crude jumped by 11.41% to reach $111.54 per barrel, while Brent crude rose 7.78% over the past 24 hours to trade at $109.24 per barrel.
Market analysts say the spike reflects growing geopolitical tensions in the Middle East, particularly fears that any disruption to shipping routes through the Strait of Hormuz could significantly impact global energy supplies.
The ultimatum, reportedly linked to ongoing military and diplomatic pressure on Tehran, has heightened uncertainty in energy markets. Experts note that statements from U.S. leadership often have an immediate and significant effect on oil prices due to the country’s influence on global energy and security dynamics.
The Strait of Hormuz remains one of the world’s most critical oil transit chokepoints, and any escalation in the region is closely monitored by global markets.
