US-Iran Tensions Spark Oil Price Surge

Oil prices surged by 3% on Tuesday as tensions between the US and Iran continued to escalate, with efforts to end the conflict stalled.

The US President Donald Trump expressed dissatisfaction with the latest Iranian proposal to put an end to the war, which failed to address key issues such as the nuclear program and Gulf shipping disputes.

As a result of the ongoing stalemate, oil prices continued their upward trend, reaching $111.51 per barrel for Brent crude futures in June, up from $108.23 on Monday.

Rystad Energy analyst Jorge Leon said that 'oil above $110 per barrel reflects a market that is rapidly repricing geopolitical risk,' with the potential for prolonged disruption to global supply through the Strait of Hormuz.