Oil prices have climbed significantly, with Brent crude reaching $111.01 per barrel and New York light crude hitting $115.3 amid escalating tensions between the U.S. and Iran. President Donald Trump has set a deadline for Iran to reopen the Strait of Hormuz, a vital shipping route for global oil supplies, threatening military action if his demands are not met. The ongoing conflict has caused the worst disruption in global energy supply, with millions of barrels of oil production halted. The International Monetary Fund (IMF) has indicated that this conflict could lead to higher inflation and slower global economic growth. In the UK, new car sales saw a 6% increase in March, although the share of battery electric vehicles is still below the government-mandated target of 33% for the year. Market analysts suggest that the situation remains precarious, with potential for both escalation and relief depending on the outcome of the U.S.-Iran negotiations.