Hormuz Uncertainty Sends Oil Prices Higher
Oil prices edged higher on Monday as investors assessed conflicting signals from Washington and Tehran over the reopening of the Strait of Hormuz.
The strait, which carries about one-fifth of global oil and LNG, remains closed after a series of attacks in May caused the collapse of a ceasefire agreement.
Iran's Revolutionary Guards reiterated on Sunday that the strait will remain shut until the United States fulfills its demands, including halting the war across all fronts, ending the US counterblockade of Iranian ports, lifting sanctions, releasing frozen assets, and paying compensation for war-related damage.
US President Donald Trump downplayed the situation, saying the US is only partially engaging in negotiations and that Washington is observing Iran's severe inflation and lack of financial resources.