Crude Nears $110 as Middle East Tensions Escalate

Global oil prices climbed to $109.3 per barrel on Sunday, driven by escalating tensions in the Middle East, according to data from Oilprice.com.

The surge followed warnings from U.S. President Donald Trump, who told Iran that “the clock is ticking” after negotiations to end the war stalled. From about $107 last week, crude prices have continued to rise, pushing up fuel costs worldwide.

Trump rejected Iran’s proposal to reopen the Strait of Hormuz, which remains under Tehran’s control since the war began in February, disrupting global oil transportation.

On his Truth Social platform, Trump wrote: “They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” The statement came ahead of his scheduled talks with Israeli Prime Minister Benjamin Netanyahu.

Iran’s foreign ministry described its response as “responsible” and “generous,” insisting it included an immediate end to hostilities, lifting of the U.S. naval blockade, compensation for war damages, and recognition of Iranian sovereignty over the strait.

Trump said China’s President Xi Jinping agreed Tehran must reopen the strait, though Beijing has not confirmed any direct involvement. Iran’s foreign minister, Seyyed Abbas Araghchi, maintained the strait is open to commercial traffic, provided vessels cooperate with Iranian authorities.

Reports indicated about 30 Chinese ships transited the strait last week, highlighting its importance for global trade despite the ongoing conflict.

Experts warn that continued instability could push oil prices even higher, with ripple effects on refined petroleum costs, transportation, and inflation across energy-dependent economies.