Oil Prices Spike Amid Ongoing Middle East Tensions

Crude oil prices have reached their highest level this month as tensions between Washington and Tehran persist over the reopening of the Strait of Hormuz.

US President Donald Trump responded to Iran's conditions for a peace deal by demanding that Iran pay compensation for people killed in wars, attacks, and protests, dimming prospects for an imminent agreement to reopen the key waterway.

The uncertainty surrounding the Middle East conflict has weighed on market sentiment, causing stocks to drift in Asia. Investors are also awaiting Wednesday's US inflation data, which will provide clues on the Federal Reserve's next rate move.