Oil prices rose again on Tuesday as efforts to end the conflict between the US and Iran hit a stalemate. The Strait of Hormuz remains largely closed, limiting energy supplies from one of the Middle East's most critical regions, reports Todayinfo.
According to a US official, President Donald Trump was dissatisfied with Iran's latest proposal to resolve the conflict. Sources in Tehran said the initiative did not address the nuclear program issue until hostilities cease and disputes over shipping in the Persian Gulf are resolved. Thus, the situation is deadlocked: Iran continues to restrict movement through the Strait of Hormuz, while the US maintains a blockade of Iranian ports.
“For oil traders, rhetoric is less important than actual crude supplies through the Strait of Hormuz, which remain limited,” said market analyst Fawad Razaqzada.
Brent crude futures for June delivery rose 45 cents (0.4%) to $108.68 per barrel, after gaining 2.8% in the previous session. US WTI crude futures for June added 58 cents (0.6%) to $96.96 per barrel. Another round of US-Iran talks failed last week.
