Oil Prices Jump Above $110 as Hormuz Closure Fears Deepen Amid Iran War

Oil prices opened higher on Sunday, surpassing the symbolic $110-a-barrel mark due to fears related to the ongoing war in the Middle East and the near-total closure of the Strait of Hormuz. WTI reached $114.76 and Brent $111.26, with an increase of over 25% in the past month. Donald Trump's threats to strike Iranian energy infrastructure if the strait is not reopened by Tuesday at midnight have also contributed to this price surge.