Overview
- President Trump warned he will “obliterate” Iranian power plants if the strait is not fully reopened within 48 hours, jolting energy markets going into Monday trading.
- Iran vowed to completely close Hormuz if attacked and threatened strikes on U.S.- and Israel-linked energy and desalination infrastructure across the Gulf, with officials signaling prolonged price pressures.
- Early Monday prices showed Brent around $111–113 and WTI near $98–100, with a multi‑year‑wide Brent–WTI spread as Middle East flows remain severely constrained.
- The UK will hold a Cobra meeting on Monday to address the economic fallout and energy security, while ministers urge against panic‑buying and an adviser pushes a temporary profit cap on producers and petrol retailers.
- U.S. options reportedly under review include targeting or blockading Iran’s Kharg Island, and recent Iranian missile activity, including an unsuccessful strike toward Diego Garcia, has expanded perceived regional risk.