Oil Prices Climb as Iran Refuses to Yield on Strait of Hormuz

Deep News07:30

Oil prices rose after Iran insisted on a seven-day proposal to reopen the crucial shipping lane, a plan rejected by U.S. President Donald Trump, potentially pushing the strait's reopening further into the future. Brent crude climbed to about $106 per barrel, while U.S. West Texas Intermediate (WTI) traded above $93 per barrel.

In an interview on Sunday, Trump said the conditions put forward by Tehran might have been acceptable to Washington about a year ago, but claimed Iran has now greatly overestimated its leverage. Axios reported that the U.S. president expects negotiations between the two sides to restart this week.

Suvro Sarkar, head of energy research at DBS Bank, said the rise in oil prices may be limited, since the market had not expected the strait to reopen within seven days. Referring to Trump's rejection of Iran's proposal, Sarkar said, "We don't think this will significantly change the current situation."

Over the past week, oil prices swung sharply as signals from the negotiations shifted repeatedly. A recovery in Middle East crude shipping, combined with uncertainty over planned U.S. measures to curb record-high diesel prices, pushed prices back up. Trump said Washington is studying the relevant plans "very seriously."

As the U.S.-Iran conflict enters its eighth month, Brent crude has gained about 75% this year and is on track for a third straight monthly advance, adding further pressure on inflation. Brent crude for November delivery rose 1.9% to $106.25 per barrel. West Texas Intermediate (WTI) for November delivery rose 1.2% to $93.49 per barrel.

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Trump said Washington is studying the relevant plans \"very seriously.\"<br><br>As the U.S.-Iran conflict enters its eighth month, Brent crude has gained about 75% this year and is on track for a third straight monthly advance, adding further pressure on inflation. Brent crude for November delivery rose 1.9% to $106.25 per barrel. 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