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Oil on the rise as Iran maintains Strait stance
Oil prices rose in Asian markets after Iran announced its rejection of easing the conditions for reopening the Strait of Hormuz, following U.S. President Donald Trump's rejection of Iran's proposal. This dashed hopes of restoring traffic through the strait, through which about one-fifth of global energy supplies pass. Consequently, Brent crude approached around $107 per barrel, while West Texas Intermediate increased to over $94. This escalation is a result of ongoing tensions between Washington and Tehran, with expectations of resumed negotiations between the two during the current week, as inflationary pressures grow due to a 75% increase in oil prices this year.
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