Brent crude futures climbed above $111 per barrel on Monday, extending gains from the previous session after President Donald Trump issued a fresh ultimatum to Iran and intensified threats targeting its civilian infrastructure if it failed to reopen the Strait of Hormuz. Trump warned he would bring “Hell” to Iran and set a new deadline for Tuesday at 8 p.m. Eastern Time, while also signaling plans to hold a news conference at 1 p.m. on Monday. Tehran rejected the latest demand, leaving Hormuz, an essential route for roughly a fifth of global oil and gas flows, effectively shut. Separately, OPEC+ cautioned after a weekend meeting that war-related damage to energy infrastructure could have lasting repercussions for oil supply even after the conflict subsides. The group approved a rise in output quotas to help address a global supply shortfall, although Iran indicated on Saturday that Iraq would be exempt from its restrictions in the strait.