Oil prices swing sharply as Hormuz Strait crisis and Trump deadline unfold

Oil prices have been on a rollercoaster, hitting near-record highs above $110 a barrel as a crisis over the Strait of Hormuz—a critical global oil shipping route—worsened. The price surge came ahead of a deadline set by President Donald Trump for Iran to reopen the route.

Prices then fell sharply when a two-week ceasefire was announced between the US, Israel, and Iran. However, the US Energy Information Administration (EIA) warned that fuel prices could keep rising for months even if the strait reopens, due to the market disruption.