Global crude oil prices on Tuesday hit new highs, jumping more than 3 per cent amid geopolitical tensions and US President Donald Trump’s Tuesday deadline to reopen the Strait of Hormuz to Iran.

Brent crude futures advanced as much as 1.69 per cent, or $1.86, to $111.63, an intraday high as of 9:57 am. The US West Texas Intermediate crude futures increased more than 3 per cent or $4.15 to $116.87.

Brent crude has witnessed a gain of over 60 per cent since the conflict began from $72.48 (Feb 27) to 119.50 (March 9).

Gains in oil commodities come after the US President showed fresh aggression towards Iran in recent posts on a social media platform regarding reopening Hormuz.

His post suggested that it would “rain hell” on Tehran if it does not comply with his Tuesday night deadline to reopen the strait. He also threatened that Iran could be “taken out in one night”.

According to him, if no deal is concluded, “every bridge in Iran will be decimated” and “every power plant in Iran will be out of business, burning, exploding and never to be used again”.

On the other side, Iran reportedly rejected the ceasefire plan and continued its fight with the world’s strongest economy.

The Strait -- which handles roughly one-fifth of global oil flows -- has remained disrupted since the conflict began on February 28, causing crude prices to rise approximately 90 per cent year-to-date, averaging around the $100 mark.

Meanwhile, on the equities front, global markets were mixed. Indian stock markets traded lower on Tuesday, with the Sensex and Nifty falling up to 1 per cent.

In the US, Wall Street ended on a mildly positive note, while Asian stocks traded mixed.