Oil Prices Surge Amid Ongoing Strait of Hormuz Tensions

Oil prices continued their upward trend for the third consecutive day as tensions persist over negotiations to reopen the Strait of Hormuz.

According to TD Securities, Brent crude prices could surge $10 to $15 a barrel higher due to sharply falling global oil inventories and lagging shipping volumes.

Vessel traffic through the Strait of Hormuz remains at around five ships per day, a stark contrast to the 20% share of prewar oil and liquefied natural gas shipments that passed through the waterway.

President Donald Trump added new demands in the negotiations, stating that he would seek compensation for everyone killed by Iran during the conflict, which would be included in all future talks.