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00:02Oil hovered near $110 a barrel on Tuesday as Trump set a deadline for Iran to reopen
00:07the Strait of Hormuz, according to Reuters.
00:09Brent crude fell to $108.82, while WTI rose above $116 before dropping to $112.30.
00:16Iran shut the strait after attacks began on February 28th.
00:19Trump warned of attacks on infrastructure if Iran does not comply.
00:22Iran rejected a ceasefire proposal and called for a permanent end to the war.
00:26The disruption created windfalls for Iran, Oman, and Saudi Arabia, while countries without
00:30alternative export routes lost billions, according to a Reuters analysis.
00:34The conflict pushed WTI spot premiums to record highs as refiners in Asia and Europe rushed
00:39to replace disrupted Middle Eastern supply alongside an unusual U.S. crude premium over Brent.
00:44OPEC Plus agreed to raise output, though members cannot increase supply due to the disruption.
00:49For all things money, visit Benzinga.com.
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