Shafaq News

Oil prices climbed in early trading late Sunday as the Strait of Hormuz remained closed, and markets braced for a US deadline on Iran, raising concerns over supply disruptions, CNBC Arabia said.

US crude gained 2.35% to reach $114.16 per barrel, while Brent crude rose 1.72% to $110.91 per barrel.

Earlier, the US President Donald Trump warned that Iran would “live in hell” if it fails to reopen the strait, threatening to target energy facilities and bridges.

Earlier today, the OPEC+ alliance agreed on Sunday to increase oil production quotas by about 206,000 barrels per day in May.