Iran Refuses to Budge on Strait of Hormuz Demands, Oil Prices Rise

Oil prices have risen as Iran remains firm in its proposal to reopen the Strait of Hormuz, a crucial waterway that has been affected by the US-Iran conflict. Tehran's seven-day offer was rejected by US President Donald Trump, who said Iran has overplayed its hand and suggested negotiations could resume this week.

The Brent oil price advanced above $106 a barrel, while West Texas Intermediate headed toward $94. The standoff has been ongoing for eight months and is adding to inflationary pressures. The Strait of Hormuz carried about a fifth of the world's crude and liquefied natural gas before the start of the conflict.

Regional tensions remain elevated as Saudi-led coalition forces in Yemen reported intercepting Houthi drones headed toward Riyadh and a missile targeting Khamis Mushait in the south. The US president said a 'record amount' of oil was taken out of the strait on Saturday night, while Iranian forces targeted ships using unauthorized routes through the waterway.