Oil prices rise as Donald Trump issues fresh ultimatum on Hormuz; Brent nears $111

Oil prices surged above $100 per barrel as the Middle East conflict intensified, disrupting supply routes. US benchmark WTI climbed to $113.62 and Brent crude to $110.30 amid escalating tensions involving Iran and the United States. The Strait of Hormuz, a critical oil passage, remains under threat, impacting global energy markets.