Oil prices rose over $3 per barrel in the first major trading since President Trump's threat to strike Iran's main oil export hub unless the regime allows tankers through the Strait of Hormuz. This indicates that traders see no imminent market loosening or an end to the ongoing conflict. The global benchmark Brent crude price has risen by over $106 per barrel since the U.S. strikes began, a 46% increase since then. The Treasury Department last week announced a temporary waiver of sanctions on Russian oil currently in tankers. The Energy Department also announced plans to release 172 million barrels of crude from the Strategic Petroleum Reserve over a 120-day span. However, Energy Secretary Chris Wright warned that there are no guarantees in wars and that consumer prices could significantly increase.