Oil Prices Climb to $113 After Trump’s 48-Hour Iran Deadline — Analysts Weigh In

TLDR

• Brent crude reached $113.52 per barrel and WTI surpassed $100 as President Trump’s 48-hour deadline for the Strait of Hormuz approached.
• Trump warned of bombing Iranian power plants if the strait was not reopened, prompting Iran to threaten retaliation.
• Since the conflict in the Middle East began, at least 40 energy assets in nine countries have sustained damage.
• The International Energy Agency (IEA) stated that releasing oil stocks would not resolve the crisis, comparing its severity to the combined impact of the two oil shocks in the 1970s.
• Goldman Sachs increased its 2026 Brent crude forecast to $85 per barrel, up from $77, citing the expectation of prolonged disruptions.

(SeaPRwire) –   Oil prices saw another increase on Monday, with markets largely disregarding President Trump’s 48-hour ultimatum to Iran regarding the reopening of the Strait of Hormuz.

“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST…” – President DONALD J. TRUMP pic.twitter.com/htLz1A0Mf7

— The White House (@WhiteHouse) March 22, 2026

Brent crude, the global benchmark, rose by 1.2% to trade at $113.52 a barrel. West Texas Intermediate, the U.S. benchmark, climbed 2.5% to reach $100.71 a barrel. Brent crude has experienced a surge of over 50% since U.S. and Israeli strikes against Iran commenced in late February.

On Saturday, Trump stated that Iran must “fully open” the Strait of Hormuz within 48 hours or face attacks on its power plants. Iran’s response included threats of attacks on critical infrastructure throughout the Middle East.

Most analysts and market observers expressed skepticism about Iran’s compliance within such a short timeframe. Rory Johnston, founder of Commodity Context Corp., commented, “It is highly unlikely that Tehran will agree to Trump’s terms on such an accelerated timeline under the threat of attack.” He added, “Iran is clearly able and willing to match any escalation.”

Treasury Secretary Scott Bessent indicated that the U.S. strikes are intended to destroy fortifications along the strait and that Trump is prepared to “take whatever steps it takes” to prevent Iran from developing nuclear weapons.

The Strait of Hormuz serves as a vital link between the Persian Gulf and global oil markets. Maritime traffic through this waterway has nearly ceased. Producers in the Persian Gulf have been compelled to either secure millions of barrels of supply or utilize limited alternative export routes.

IEA Warns Crisis Rivals Historic Oil Shocks

Fatih Birol, Executive Director of the International Energy Agency (IEA), stated at a conference in Australia that the current disruption is comparable to the combined impact of both major oil crises of the 1970s and the 2022 natural gas crisis following Russia’s invasion of Ukraine.

He further noted that at least 40 energy assets have suffered significant damage across nine countries since the conflict began. While the IEA is considering the release of emergency oil stocks, Birol indicated that such measures would not resolve the crisis.

The conflict has now entered its 24th day, which is twice the duration of a similar crisis between the same parties last year.

Goldman Sachs Raises Oil Price Forecasts

Goldman Sachs revised its oil price forecasts for 2026 upwards on Saturday. The bank now anticipates Brent crude to average $85 per barrel this year, an increase from its previous forecast of $77. The WTI forecast was also raised to $79 per barrel from $72.

Analysts, including Daan Struyven, wrote, “Flows via Hormuz are now expected to be 5% of normal levels for six weeks, before a gradual recovery.”

They pointed out that prices are likely to continue their upward trend until the market gains confidence that a prolonged disruption is improbable.

Haris Khurshid, chief investment officer at Karobaar Capital, stated, “It will probably take more broader issues with shipping or insurance before prices start moving more aggressively.”

Amin Nasser, CEO of Saudi Aramco, has withdrawn from the annual CERAWeek conference in Houston, scheduled for this week, where discussions on oil market balances and the ongoing conflict were expected to be prominent.