Oil prices are rising due to mutual threats between the United States and Iran.

Oil prices rose as the United States and Iran threatened to expand their targets and escalate the war, while President Trump set a deadline for Tehran to reopen the Strait of Hormuz. Brent crude rose 1.5% to $113.88 per barrel, while West Texas Intermediate rose 3.5% to $98.06 per barrel. Trump stated that Iran must "fully open" the waterway before Monday evening Washington time, or its power plants will be targeted. Meanwhile, Tehran said that if Trump fulfills his threat, they will attack key infrastructure in the entire Middle East region. "With production and exports severely restricted, investors are sensitive to any threats that could delay the recovery of supply after a conflict," analysts from BMI said. They added that if the conflict continues, the price of Brent crude could reach $110-130 per barrel in the next one to two weeks.