Iran vs USABrent crude closed last Friday at $112.57 per barrel – its highest weekly close since 2022 and up by 86 percent year-to-date. Despite an extended ultimatum from President Trump, Iran shows no sign of yielding. Within days, strait traffic collapsed by 97 percent. Diplomacy stallsPresident Trump has twice extended his ultimatum for Iran to reopen the strait, pushing the deadline to April 6. He gave Iran 48 hours to reopen Hormuz, then extended the deadline to five days, then ten.

Source: Philippine Star March 29, 2026 16:41 UTC