Oil Climbs Above $111 as Trump Pressures Iran to Reopen Hormuz

Oil prices rose for a third consecutive day as U.S. President Donald Trump renewed pressure on Iran to reach a deal and reopen the strategically vital Strait of Hormuz, according to a Bloomberg News report by Rong Wei Neo.

Offshore oil facilities are seen as global crude prices rise amid renewed tensions over the Strait of Hormuz.

Brent crude climbed above $111 per barrel after gaining nearly 8% last week, while West Texas Intermediate (WTI) approached $108 per barrel.

Oil prices have risen more than 50% since the United States and Israel launched strikes against Iran at the end of February, while reduced flows through the Strait of Hormuz have disrupted supply from Persian Gulf producers.

Investment bank Morgan Stanley warned last week that the market is in “a race against time” if the strategic waterway remains closed into June.

“Markets have seen plenty of headlines around possible solutions, but no credible mechanism yet fully removes the Hormuz supply risk,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore.

“The risk premium is likely to remain sticky,” Chanana added.

Supply concerns intensified after the Trump administration allowed a waiver for Russian crude sales to expire despite a request from India for an extension.

The report also noted attacks on energy facilities in the Persian Gulf over the weekend, including a drone-related fire near a UAE nuclear facility, underscoring the fragility of the ceasefire.