Brent Crude Hits $111 as Strait of Hormuz Standoff Persists
Oil prices rose 3% on Tuesday as efforts to end the U.S.-Iran war stalled. The Strait of Hormuz remains largely closed, threatening global energy supplies.
Brent Crude Oil futures rose 3.03% to $111.51 a barrel on Tuesday as a standoff between the United States and Iran blocked energy supplies. The contract gained for a seventh straight day, reaching its highest level since April 7. Investors are pricing in a prolonged closure of the Strait of Hormuz, which carries 20% of global oil supply.
U.S. West Texas Intermediate (WTI) rose 3.6% to $99.84 a barrel. A U.S. official said on Monday that President Donald Trump rejected an Iranian proposal to end the conflict. The offer reportedly ignored nuclear program concerns, focusing only on hostilities and shipping disputes.
