Global oil markets saw a sharp spike after Donald Trump issued a strict 48-hour ultimatum to Iran, intensifying fears of a major energy crisis. Reports indicate that US crude oil prices jumped by 2.35%, reaching $114.16 per barrel, while Brent Crude rose 1.72% to $110.91 per barrel.

In a strongly worded social media statement, Trump warned Iran to reopen the Strait of Hormuz by Tuesday or face severe consequences, including potential military strikes targeting power plants and bridges. The warning has further escalated already tense geopolitical conditions in the region.

Meanwhile, Iran has effectively blocked the Strait of Hormuz following attacks on oil tankers. This crucial maritime route connects the Persian Gulf to global markets and previously carried nearly 20% of the world’s oil supply. Its disruption has triggered what experts are calling one of the largest oil supply shocks in history.

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Energy analysts warn that the closure is rapidly driving up prices of crude oil, jet fuel, diesel, and petrol worldwide. Financial institutions estimate that up to one billion barrels of oil supply could be affected by the end of the month if the crisis continues.

Trump has also suggested that the conflict could last two to three weeks, raising concerns about prolonged instability in global energy markets and broader economic repercussions.