Oil Prices Surge Above $110 as Trump's Iran Deadline Approaches
Oil prices have surged above $110 per barrel as the deadline set by President Trump for Iran to reopen the Strait of Hormuz approaches. The ongoing conflict in the Middle East has disrupted oil supplies, causing market volatility and inflation concerns. The U.S.-Israel war with Iran has led to the closure of the Strait, a critical oil transit chokepoint. Investors are on edge as the deadline looms, with no resolution in sight. The situation has led to a risk-off sentiment in global markets, with the U.S. dollar strengthening and oil prices rising.