Global oil prices rose sharply after U.S. President Donald Trump gave Iran a 48-hour ultimatum to reopen the Strait of Hormuz. At the same time, Israel announced that its ongoing military operations would continue for several weeks. These developments triggered immediate reactions in the energy markets, with crude oil prices climbing as trading opened on Sunday night.

According to AFP, West Texas Intermediate (WTI) crude for May delivery rose about 1.8 percent, surpassing 100 dollars per barrel before easing slightly. Brent crude for May delivery also increased, reaching 113.44 dollars per barrel before stabilizing near 111 dollars. Before the U.S.-Israeli attacks on Iran began on February 27, WTI and Brent were priced at 67.02 and 72.48 dollars respectively.

Analysts cited ongoing Middle East tensions and uncertainty surrounding the Hormuz Strait as key factors pressuring global energy markets. They warned that further escalation could lead to significant volatility in oil prices.