Oil Prices Soar Amid Middle East Tensions and Inflation Uncertainty

Ongoing tensions in the Middle East continue to drive up oil prices, hitting their highest point this month. U.S. President Donald Trump's response to Iran's conditions for a peace deal has dimmed prospects for an imminent agreement on reopening the key waterway of the Strait of Hormuz.

The price surge is attributed to concerns over disruptions in global oil supplies due to the ongoing conflict. Investors are increasingly weary of Trump's shifting stance, which has left uncertainty hanging over the region.

Market sentiment remains weak, weighed down by prolonged uncertainty over the global inflation outlook. Wednesday's U.S. inflation data will provide crucial clues on the Federal Reserve's next rate move, influencing market movements.