LONDON: Oil prices hovered around $110 a barrel on Tuesday as a deadline imposed by U.S. President Donald Trump loomed for Iran to open the Strait of Hormuz or be "taken out".

Brent crude futures were down 95 cents, or 0.9%, at $108.82 a barrel by 0920 GMT. U.S. West Texas Intermediate crude futures hit a four-week high at over $116 a barrel earlier in the session, but erased those gains to trade down 11 cents, or 0.1%, at $112.30.