Reuters: Deadlock in the Strait of Hormuz pushes oil prices above $107
Reuters reported that with diminishing hopes for an agreement between Iran and the United States, the price of Brent crude oil has risen to over $107 per barrel.
The report states that after Donald Trump called Iran’s response to the U.S. proposal nonsense and said the ceasefire is on life support, concerns about the resumption of conflicts have increased.
Reuters wrote that in its response, Iran has demanded an end to the naval blockade, war reparations, and recognition of its sovereignty over the Strait of Hormuz.
Meanwhile, the Pentagon has announced that the cost of the war for the United States has reached $29 billion, and the rising energy prices have also increased political pressure on the Trump administration.
Reuters also reported that ship traffic in the Strait of Hormuz remains very limited, although the second Qatari liquefied natural gas tanker has managed to pass through this waterway with coordination between Iran and Pakistan.