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The Independent UK
The Independent UK
National
Stuti Mishra

Oil prices rise again as blockade continues in Strait of Hormuz

Oil Strait of Hormuz Donald Trump
  • Oil prices surged after Donald Trump expressed dissatisfaction with Iran's latest proposal to end the ongoing conflict.
  • Iran's proposal reportedly offered to lift its blockade of the Strait of Hormuz without addressing its nuclear programme, a condition Trump insists upon for any deal.
  • The diplomatic deadlock has kept the Strait of Hormuz, a vital shipping route for 20 per cent of global oil and gas, largely closed, while the US maintains its blockade on Iranian ports.
  • Brent crude reached $108.13 per barrel and US West Texas Intermediate hit $96.48, both significantly higher than pre-war levels.
  • Elevated oil prices are impacting global markets, with Asian stocks subdued and India facing increased inflation risks and a widening import bill, while central banks prepare for policy decisions.

IN FULL

Oil prices edge higher as Trump weighs Iran’s latest proposal to open Strait of Hormuz

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