Oil prices climb despite Trump moves to temper market

Oil prices jumped over $3 per barrel to more than $106 for Brent crude on Sunday following President Trump's threat to strike Iran's main oil export hub unless the regime allows tankers through the Strait of Hormuz. Trump said Friday that U.S. forces hit military targets on Iran's Kharg Island while avoiding oil infrastructure, but warned he would "immediately reconsider this decision" if Iran interferes with ship passage. The price surge, which brings oil up 46% since U.S. strikes began, signals traders expect continued conflict despite Trump administration efforts including a 172-million-barrel Strategic Petroleum Reserve release. U.S. gasoline prices have risen roughly 70 cents during the war to $3.70 per gallon, with further increases expected. Multiple countries could unveil a coalition effort for military escorts of tankers this week, though officials are still discussing whether operations would begin before or after hostilities end.