Oil prices to rise further on Monday as Mideast war escalates

Group 1 - Oil prices are expected to rise further, having closed at their highest in nearly four years due to escalating tensions between the U.S. and Iran [1][3] - Brent futures for May settled up 3.26% at $112.19 a barrel, marking the highest price since July 2022 [3] - The closure of the Strait of Hormuz has resulted in a loss of approximately 440 million barrels of global supply over the 22 days of conflict [4] Group 2 - U.S. President Trump issued a 48-hour ultimatum for Iran to reopen the Strait of Hormuz, threatening to "obliterate" Iranian power plants if not complied [2][7] - Iran has warned it will retaliate by attacking U.S.-linked energy and desalination facilities in the Gulf [2][7] - The International Energy Agency indicated that restoring supplies from the Middle East Gulf could take up to six months [6]