The Globe and Mail reports in its Friday edition that oil prices rose more than $11 on Thursday as the market reacted to President Donald Trump's remarks that the United States will intensify its attacks on Iran, but also may withdraw before gaining control of the vital Strait of Hormuz. The Globe's Emma Graney and Jeffrey Jones write that with vessels that had already traversed the strait before the war reaching their destinations, the supply crunch is set to further squeeze countries -- largely in Asia -- that rely on oil from the region. With the Strait of Hormuz essentially closed by Tehran, as much as 20 per cent of the world's oil supplies have been cut off from the market. Brent crude has climbed 49 per cent since before the bombardments began. It closed the session up 8 per cent at $109.03 (U.S.) a barrel on Thursday. WTI for May delivery jumped 11 per cent to settle at $111.54 (U.S.) a barrel, its biggest absolute price rise since 2020. It has climbed by two-thirds since Feb. 27. JPMorgan said in a note that oil prices could spike as high as $130 (U.S.) a barrel near term, with a risk of surging above $150 (U.S.) if Hormuz remains disrupted into mid-May.