Oil Prices Breach $111 as Trump’s Deadline for Iran to Reopen Strait of Hormuz Nears

The United States military may target Iran’s power plants and bridges this week if Tehran does not open up the Strait of Hormuz, the U.S. president has warned.

Pumpjacks operate while others stand idle in the Belridge oil field near McKittrick, Calif., on March 10, 2026. Mario Tama/Getty Images

Brent crude oil futures opened higher on late Sunday from Thursday’s closing, breaking through the $111 per barrel level amid concerns that the Iran war could potentially worsen over the coming week.

On March 31, oil prices hit its weekly high of over $119 per barrel. Prices then collapsed to as low as around $98 on Wednesday, before subsequently jumping to more than $109 on Thursday. The markets were closed on Easter Friday. On late Sunday, oil hit a high of $111.89 and was trading at $110.73 as of 9:50 p.m. ET.