Khaberni - Oil prices continued to rise on Tuesday in the wake of President Donald Trump's escalating statements against Iran, threatening to take stricter actions if Tehran does not reopen the Strait of Hormuz, a key strategic passage for global oil transport.
Brent crude futures rose 57 cents, or 0.5%, to $110.34 a barrel by 1202 GMT, while West Texas Intermediate American crude futures climbed $1.26, or 1.1%, to $113.67.
Trump threatened to unleash "hell" on Tehran if it does not comply with his deadline set for 8 PM Eastern Time on Tuesday to reopen the strait. Trump warned that Iran could be "wiped out" and vowed to take more action if no agreement is reached.
In response to an American proposal through Pakistan, which is acting as a mediator, Tehran rejected a ceasefire, stating that the war must be ended permanently, and dismissed pressures to reopen the strait.
The Iranian forces effectively closed the Strait of Hormuz following the onset of American and Israeli attacks on February 28, disrupting the waterway through which about 20% of global oil flows usually pass.
