Oil prices whipsaw as Trump’s Hormuz ultimatum and Iran threats keep markets on edge
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Fears over a prolonged disruption in the Strait of Hormuz have kept investors on edge as oil prices swung in volatile trading Monday.
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In this article @NG.1 @RB.1 Follow your favorite stocks CREATE FREE ACCOUNT In an aerial view, oil storage tanks are seen at the Big Spring Refinery on March 19, 2026 in Big Spring, Texas. Brandon Bell | Getty Images Oil prices seesawed in volatile trading Monday as investors weighed the prospect of further escalation after President Donald Trump's ultimatum demanding Tehran reopen the Strait of Hormuz or face strikes on its energy infrastructure. Iran pushed back, saying that it would consider electric plants and water facilities in the region "legitimate targets" if its electrical grid were struck. International benchmark Brent crude gained 0.23% to $112.42 per barrel, paring initial losses. U.S. West Texas Intermediate crude was up around 0.28% at $98.51 a barrel as of 2 p.m. ET. Goldman Sachs sharply raised its oil price forecasts on Monday, expecting Brent to average $110 in March and April, up from a previously forecast of $98, or a 62% jump from the 2025 annual average. The bank also upgraded its WTI estimates to $98 in March and $105 in April. "Assuming that Hormuz flows remain at 5% [of normal flows] through April 10, prices are likely to trend higher over that period," Goldman analysts said, adding that governments' recognition of the risks surrounding concentrated supply and limited spare domestic capacity could further lead to greater stockpiling and long-dated prices. Should Hormuz flows remain at 5% for 10 weeks, daily Brent prices will likely exceed their 2008 record level, Goldman said. Brent crude hit about $147 per barrel in July 2008 before collapsing to around $40 within months as the global financial crisis crushed demand. Oil prices fluctuated after U.S. President Donald Trump on Saturday threatened to "obliterate" Tehran's power plants if it failed to fully reopen the Strait of Hormuz within 48 hours, a deadline that is set to expire on Monday in Washington. Iran's Parliament spokesperson Mohammad Baqer Qalibaf responded, saying that critical ...
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