NSE:NEULANDLAB 19 December 2025

March 22, 2026, 7:50 PM EDT. Oil prices climbed sharply on Sunday following President Donald Trump's ultimatum threatening to 'obliterate' Iranian power plants if the Strait of Hormuz remains closed. Brent crude rose 1.69% to $114.09, while U.S. crude jumped 2% to $100.29. Iran responded by vowing an indefinite shutdown of the vital shipping channel, escalating the risk of prolonged supply disruption. The Strait of Hormuz handles a significant portion of global oil shipments, making its closure critical. The conflict has already pushed U.S. gas prices near $4 per gallon, with experts warning of slow recovery. Stock futures fell, with Dow futures down 0.6%. Treasury Secretary Scott Bessent signaled acceptance of higher prices if it leads to long-term peace in the region.