Oil hits $111 on Trump's Iran ultimatum

May 18, 2026 (MLN):  Oil prices edged higher on Monday following a stark warning from U.S. President Donald Trump directed at Iran, as negotiations between Washington and Tehran remain deadlocked.

Currently, Brent crude futures are up by $1.87, or 1.71%, to $111.13 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by $2.21 or 2.19%, to $103.23 per barrel by [9:24 am] PST.

Over the weekend, President Trump took to Truth Social to issue a blunt ultimatum, writing that Iran had better act fast or face severe consequences signaling that the standoff between the two nations could potentially escalate into renewed armed conflict, according to CNBC.

At the heart of the dispute is the Strait of Hormuz, a critical maritime corridor that, before hostilities broke out, served as a passage for roughly one-fifth of the world's oil and gas supplies.

Despite a fragile ceasefire reached in April, Tehran has continued to keep the waterway largely closed to traffic, while the Trump administration has maintained its blockade on Iranian ports  leaving diplomatic progress at a standstill.

If tensions continue to mount without resolution, the prolonged disruption to one of the world's most vital energy chokepoints could place significant upward pressure on global oil prices in the weeks ahead.

Copyright Mettis Link News