Khaberni - Oil prices continued their rise on Tuesday, with efforts to end the war between the United States and Iran floundering, as the vital Strait of Hormuz remains almost completely closed, preventing global buyers from accessing energy supplies from key production areas in the Middle East.
An American official said on Monday that President Donald Trump is not satisfied with the latest Iranian proposal to end the war.
Iranian sources revealed on Monday that Tehran's proposal avoided addressing its nuclear program until the cessation of hostilities and the settlement of maritime disputes in the Gulf region.
Trump's dissatisfaction with the Iranian offer could lead to a deadlock in the conflict, as Iran closes navigation through the Strait of Hormuz, which usually handles about 20% of the global consumption of oil and gas, and the United States continues to control the passage of ships coming from Iranian ports.
Brent crude futures for delivery in June rose 45 cents, or 0.4%, to $108.68 per barrel by 00:51 GMT after rising 2.8% in the previous session, recording the highest close since April 7th. The contract has risen for the seventh consecutive day.
West Texas Intermediate crude for June delivery rose by 58 cents, or 0.6%, to $96.96 after rising 2.1% in the previous session.
A previous round of negotiations between the United States and Iran collapsed after direct talks failed.
Fawad Razaqzada, a market analyst at City Index and Forex.com, noted in a memo, "For oil traders, it's no longer about rhetoric, but the actual flow of crude through the Strait of Hormuz, and currently, this flow remains limited."
He added that even if a resolution is reached, production disruptions and logistical challenges mean that recovery could take months.
Shipping tracking data revealed significant disruptions in the region, as six Iranian oil tankers were forced to turn back due to American control.
