Oil hovers near $110 as Trump deadline on Hormuz looms

Oil hovers near $110 as Trump deadline on Hormuz looms Oil prices hovered around $110 a barrel on Tuesday as a deadline set by US President Donald Trump for Iran to reopen the Strait of Hormuz approached. The international oil benchmark Brent crude hovered around $108.82 a barrel. US West Texas Intermediate briefly surged above $116, its highest level in four weeks.