Dhaka, Mar 23 (V7N) – Global oil prices have surged sharply following heightened geopolitical tensions after a warning by Donald Trump regarding the strategic Strait of Hormuz.

Trump issued a 48-hour ultimatum to Iran to reopen the vital shipping route, triggering immediate reactions in international energy markets. As a result, oil prices recorded a significant rise on Monday.

The price of West Texas Intermediate crude oil for May delivery increased by 1.8 percent, pushing the cost above $100 per barrel. Similarly, Brent crude oil also rose by nearly the same margin, reaching $113.44 per barrel.

Market analysts attribute the sharp increase to fears of supply disruptions through the Strait of Hormuz, a critical route for global oil transportation. Any restriction in this channel can significantly impact energy supplies worldwide.

Prior to the reported US-Israeli strikes on Iran on February 27, oil prices were comparatively stable. WTI crude was priced at $67 per barrel, while Brent crude stood at $72.48 per barrel.

The latest surge highlights the sensitivity of global oil markets to geopolitical developments, particularly in the Middle East, which plays a crucial role in global energy supply.

END/SMA/AJ