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6d ago

Trump’s 48-Hour Iran Ultimatum Puts Hormuz at Flashpoint as Oil Hits Four-Year High

Analysts expect a fresh price jump when trading resumes Monday.

Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo REFILE - CORRECTING "TANKERS" TO "CARGO SHIPS" AND REMOVING ACTION "SAIL".
People walk near a gas station on March 19, 2026, in Los Angeles.

Overview

  • Trump warned the U.S. will “hit and obliterate” Iranian power plants unless the Strait of Hormuz is fully reopened within 48 hours, with the deadline set to expire Monday evening U.S. time.
  • Iran said it would target U.S.-linked energy and desalination facilities across the Gulf and vowed to fully close the strait if its power plants are attacked.
  • Brent crude settled at $112.19 a barrel on Friday, the highest since July 2022, while WTI closed at $98.32, and market analysts expect prices to jump when trading opens Monday.
  • Analysts estimate about 440 million barrels of supply have been lost over 22 days of conflict, and IEA chief Fatih Birol said restoring Middle East Gulf flows could take up to six months.
  • Axios reported the U.S. is considering occupying or blockading Iran’s Kharg Island to pressure a reopening of Hormuz, a potential step that remains unconfirmed.