Oil prices remained near $100 per barrel after markets opened following President Trump's threat to reopen the Strait of Hormuz. This indicates that traders do not expect a near-term end to the conflict, which is affecting oil supply. The global benchmark Brent crude initially rose into the $113 range before dipping slightly on Sunday evening. However, the price remained little moved from Friday's close and was up roughly 55% from levels before the U.S. strikes began. Former Energy Secretary Dan Brouillette believes that oil prices will drop once the war ends.