Oil prices surged Tuesday amid stalled efforts to end the US-Iran conflict. The Strait of Hormuz remains largely closed, limiting energy supplies from the Middle East’s key producing region.
US President Donald Trump is dissatisfied with Iran’s latest proposal, which avoids addressing its nuclear program until hostilities cease and Gulf shipping disputes are resolved.
Brent crude futures for June climbed 45 cents to $108.68 a barrel after gaining 2.8% in the previous session. US West Texas Intermediate (WTI) crude rose 58 cents to $96.96, following a 2.1% gain in the prior session.
Negotiations between the US and Iran collapsed last week due to failed face-to-face talks. Ship-tracking data shows significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade. However, an Emirati-owned LNG tanker crossed the Strait of Hormuz and is near India.