Tehran/Washington, March 23 -- Oil prices surged sharply early Monday after US President Donald Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz, exacerbating the already high market fears as the war in West Asia rages on, with little end in sight.
Shortly after trading opened at 22:00 GMT, US benchmark West Texas Intermediate (WTI) crude for May delivery rose by 1.8% to just above $100 per barrel before easing back a bit, while North Sea Brent crude climbed at a similar pace to $113.44 per barrel, later slipping back to around $111.
Marking a drastic escalation from pre-war levels, oil prices on February 27 - the day before the war - stood at $67.02 and Brent at $72.48 per barrel.
Prices have been consistently ris...