Oil prices remained volatile but elevated above $100 per barrel as the Iran war entered its fourth week, signaling continued market anxiety over supply disruptions. According to market data, Brent crude briefly climbed to around $113 before stabilising near $111 on Sunday, while U.S. benchmark WTI hovered close to $99.
The surge follows U.S. President Donald Trump’s warning that Iran has 48 hours to reopen the Strait of Hormuz or face strikes on its power infrastructure. The report said traders see no immediate resolution to the conflict or the shipping bottlenecks affecting global oil flows.
Iran says it will retaliate across the Middle East and "irreversibly" destroy critical infrastructure if President Trump carries out a threat to "obliterate" Iran's power plants unless the Strait of Hormuz is fully open within 48 hours. Follow live updates.… pic.twitter.com/iwUaqPqGq9
— CNN (@CNN) March 22, 2026
U.S. gasoline prices also rose, nearing $4 per gallon, according to AAA tracking. Former Energy Secretary Dan Brouillette said prices could drop quickly if the war ends soon.
Meanwhile, NATO Secretary-General Mark Rutte said 22 nations are working on a U.K.-led plan to secure the waterway. Analysts warn prolonged conflict could fuel inflation and slow global growth.
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TIPP Staff
