Oil prices rose Sunday after Iran threatened to shut down the Strait of Hormuz indefinitely in response to President Donald Trump’s ultimatum on the restoration of oil traffic through the critical waterway.
Brent crude, the global benchmark, climbed 1.69% to about $114.09 a barrel at the open. US crude rose 2% to $100.29. Goldman Sachs on Friday suggested that those high prices could last through 2027.
Trump this weekend said the United States would “obliterate” Iran’s power plants if the Strait of Hormuz is not reopened by Monday evening. Iran, in response, said if Trump makes good on his threats, it would completely close the