U.S. President Donald Trump set an 8:00 p.m. ET deadline for Iran to reopen the Strait of Hormuz.
Brent crude rose above $110 per barrel following threats of U.S. strikes on Iranian power plants and bridges. WTI crude surpassed $114 per barrel. Crude oil prices have reached their highest levels in nearly four years.
Iran currently blockades a shipping lane responsible for approximately 20% of global oil flow. U.S. forces launched airstrikes against Iranian infrastructure earlier today.
Iran rejected temporary ceasefire proposals and demanded a permanent end to the conflict. Energy sector investors are monitoring the deadline as the primary catalyst for market volatility.