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Oil rises after Iran rejects US approach for Strait of Hormuz
Brent climbed above $106 a barrel, while WTI headed toward $94 as traders weighed renewed signals on Strait of Hormuz reopening.
Oil prices rose after Iran said it would not soften its seven-day proposal to reopen the Strait of Hormuz, a plan that has been rejected by US President Donald Trump, raising the risk of further delays to restarting the key waterway, LiveMint Markets reports.
Brent moved above $106 a barrel, while West Texas Intermediate headed toward $94. The outlet also noted that negotiations are expected to resume this week, according to Trump’s remarks shared with Axios.
The report said oil markets swung last week on mixed diplomacy signals, improving Middle East flows, and uncertainty around US measures aimed at curbing record diesel prices. Trump also said Washington is looking at those steps “very seriously.”
LiveMint Markets added that Brent is up more than 70% this year and is on track for its third straight monthly gain as the US-Iran conflict extends into its eighth month, adding inflationary pressure and keeping attention on physical crude and liquefied natural gas flows through Hormuz. The strait carried about a fifth of the world’s crude and LNG before the conflict began.
Latest closeWTI crude $93.42 ▲1.1%|Brent $98.85 ▼5.2%|Nat gas $3.135 ▼1.9%