US-Iran Tensions Send Oil Prices Soaring Near Three-Week High

Oil prices have risen to near three-week highs as hopes for a US-Iran peace deal fade. The Strait of Hormuz, a critical shipping route through which millions of barrels of oil pass each day, remains a point of contention between the two nations.

Cargo vessels and crude oil tankers are still anchored in the Gulf of Oman outside the strait, highlighting ongoing tensions.

Iran has been negotiating an agreement with Oman to manage the strait, but progress is slow. According to reports, Iran says it is close to a deal.