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Oil prices rose in volatile trading on Monday as investors weighed the prospect of further escalation after President Donald Trump’s ultimatum demanding Tehran reopen the Strait of Hormuz or face strikes on its energy infrastructure.
Iran pushed back, saying that it would consider electric plants and water facilities in the region “legitimate targets” if its electrical grid were struck.
International benchmark Brent crude futures with May delivery rose 1% to $113.32 per barrel, reversing initial losses. U.S. West Texas Intermediate crude was up around 2.8% at $101.01 a barrel during early European hours.
Goldman Sachs sharply raised its oil price forecasts on Monday, expecting Brent to average $110 in March and April, up from a previously forecast of $98, or a 62% jump from the 2025 annual average. The bank also upgraded its WTI estimates to $98 in March and $105 in April.
