Oil Prices Fluctuate Ahead of Trump’s Iran Deadline

Global oil prices swung sharply as markets reacted to a deadline set by U.S. President Donald Trump for Iran to reopen the Strait of Hormuz, BBC News reported.

The volatility has raised fears of higher fuel costs, with some analysts warning gasoline prices could climb significantly if disruptions persist. (Photo: Majmood Hosseini, Tasnim News Agency)

Benchmark Brent crude rose above $111 per barrel in early trading before falling below $108 and later stabilizing near $110.

Trump warned that the U.S. could take military action if Iran failed to comply by the stated deadline, intensifying concerns over supply disruptions in the Middle East.

Shipping through the Strait of Hormuz—a critical global oil transit route—has been affected by heightened tensions, with Iran threatening to target vessels in response to ongoing strikes.

The volatility has raised fears of higher fuel costs, with some analysts warning gasoline prices could climb significantly if disruptions persist. U.S. stock markets also opened lower amid the escalating rhetoric.

Iran has rejected proposals for a temporary ceasefire, calling instead for a permanent end to hostilities and the lifting of sanctions.