Oil prices surge after Trump's threat to Iran, reaching $110.60 per barrel
Oil prices surged after US President Donald Trump threatened Iran over the Strait of Hormuz, threatening to attack Iranian energy facilities.
Staff Editor 
US President Donald Trump threatened to attack Iran's energy facilities if the Strait of Hormuz is not reopened. Oil prices rose on Sunday following his statement.
Global benchmark Brent crude rose 1.4% to $110.60, while US crude rose 1.8% to $113.60. Trump said, "Tuesday will be 'Power Plant Day' and 'Bridge Day' in Iran. Both will happen on the same day. This has never happened before!!! Open that strait. Otherwise, you'll be in hell, just watch!"
Trump has threatened Iran before
A senior Iranian official responded on Sunday that the Strait of Hormuz will not be reopened until the country fully compensates for its wartime losses. Trump had issued a similar two-day ultimatum to Iran on March 21, but later extended the deadline to April 6.
This threat contrasts sharply with Trump's assertion last week that the US does not need the Strait of Hormuz. According to Oman's Foreign Ministry, Oman discussed allowing ships to pass through the waterway with Iran on Sunday.
US Skyrocketing Gas Prices
Due to the disruption in oil supplies, average gas prices in the US have reached their highest level since 2022. According to AAA data, the price of a gallon of gas rose to $4.11 on Sunday, a nearly 38% increase since the war began.
