New Delhi, March 23 -- Global crude oil prices traded marginally higher early Monday as traders weighed fresh threats of escalation of the conflict between the US and Iran.

At 8.44 am, the April contract of Brent on the Intercontinental Exchange was trading at $112.87 per barrel, higher by 0.61% from its previous close. The April contract of the West Texas Intermediate (WTI) on the NYMEX was trading at $98.95, higher by 0.73% from its previous close.

US President Donald Trump on Saturday gave Iran a 48-hour deadline to reopen the vital shipping route of Strait of Hormuz and threatened to strike its power infrastructure in case it is not reopened.

"If Iran doesn't FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from th...