Trump's Iran Comments Fuel Oil Price Surge Amid Strait of Hormuz Fears

Oil prices surged on Monday following comments from President Trump that cast doubt on the US reaching or extending a framework deal with Iran, fueling fears of a wider escalation and potential disruption to energy shipments through the Strait of Hormuz.

The Brent crude price briefly climbed above $91 a barrel before settling at $90.87, up 2.65%, while US benchmark West Texas Intermediate closed at $84.50, up 2.5%.

This renewed uncertainty has driven concerns about further escalation and possible interruptions to oil shipments through the Strait of Hormuz, a key global chokepoint, with only three ships crossing it on Sunday and 10 on Saturday, compared to roughly 130 per day before the war.