Oil Prices Soar Amid Escalating US-Iran Tensions
Oil prices continue to trade higher as tensions between the US and Iran remain elevated. Brent crude opened the week above $105 per barrel after US President Donald Trump dismissed a proposed peace deal by Tehran. The Iranian mediators had arrived at the United Nations General Assembly with a seven-day truce plan tied to the reopening of the Strait of Hormuz.
Trump said he was weighing whether to 'annihilate' Iran's government completely, while indicating that diplomatic channels remain open. Negotiators are pursuing Iran for concessions on its nuclear program to resume ceasefire talks with Washington.
The US Central Command has redirected 122 commercial vessels and disabled more than three to prevent ships from entering or departing Iranian ports. A joint statement signed by 80 countries calls for an immediate reopening of the Strait of Hormuz to commercial vessel navigation.