Asian markets saw a slight decrease in oil prices in the morning session. Traders are keeping an eye on the deadline set by Trump for the reopening of the Strait of Hormuz.

Crude oil futures edged lower, with traders keeping an eye on the deadline set by US President Trump to reopen the Strait of Hormuz. Nearby West Texas Intermediate crude oil futures fell 0.3% to $97.97 per barrel, while nearby Brent crude oil futures dropped 0.4% to $111.78 per barrel. Trump threatened on Saturday that if Iran does not reopen the strait in the next two days, he will "hit and destroy" Iran's power plants. Amarpreet Singh of Barclays Commodities Research department stated in a research report, "The possibility of reluctant diplomacy and sending ground forces could exacerbate the situation." The analyst added, "Attacks on energy infrastructure highlight the compounded risk of continued damage to supply prospects in the region on energy prices."