Seven months into Hormuz shutdown: Oil remains elevated as Trump rejects Iran proposal
Oil prices remain volatile as Middle East tensions persist following the U.S. rejection of an Iranian peace proposal. Despite the ongoing Strait of Hormuz shutdown, some major producers have increased their export volumes.
Why it matters
The continued disruption in the Strait of Hormuz significantly impacts global energy markets and geopolitical stability.
Oil prices rose on Monday as Middle East tensions kept markets on edge after US President Donald Trump rejected Iran’s proposal to end the conflict and reopen the Strait of Hormuz. With this, oil markets have continued to remain volatile for seven months now, since US and Israel launched joint stirkes on Iran on Febraury 28.Brent crude climbed 1.18% to $105.50 a barrel, while US West Texas Intermediate (WTI) gained 0.77% to $93.12.The latest gains after Iran put forward a peace proposal at the United Nations General Assembly in New York last week. Tehran said the proposal had been conveyed to the US through Qatari mediators.
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