Global oil prices experienced a notable increase as Brent crude rose 1.4% to trade above $110.6 per barrel, driven by escalating tensions between the United States and Iran. Former President Donald Trump announced a 'final' deadline for a ceasefire, intensifying fears of supply disruptions in the Strait of Hormuz, a crucial channel for oil transport. Trump's comments included rare praise for Iran's military capabilities, yet he hinted at a potential military escalation, stating that Iran could be 'taken down in one night.' The ongoing conflict, now in its sixth week, has led to a severe supply shock, contributing to a broader global energy crisis and inflationary pressures. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have indicated that damage to energy infrastructure could have long-term implications for supply, despite signaling higher output quotas. The prompt spread for Brent crude has widened dramatically, reflecting significant market tightness, while physical market indicators show Dated Brent has surged past $140 per barrel, the highest since 2008. Investor sentiment remains shaky amid mixed signals from Washington regarding the conflict's resolution.