Oil prices rose to $109.3 on Sunday amid the unending tension in the Middle East, data by Oilprice.com has shown.
This was as the United States President, Donald Trump, warned Iran that the “clock is ticking” after talks to bring the war to an end continued to stall.
From about $107 a barrel last week, oil prices continue to go higher, impacting the cost of refined petroleum products at the pump.
Recall that Trump had last week rejected the proposal by Iran to end the crisis and reopen the all-important Strait of Hormuz. Iran has remained in control of the strait since the war started in February, making oil transportation impossible.
On Sunday, Trump warned Iran to act fast or lose everything. “They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” he wrote on his Truth Social platform.
