Oil prices continued their upward trend for the second consecutive week, with the Strait of Hormuz remaining closed. The strait typically handles approximately 20% of global oil and gas consumption.
Brent crude futures for June delivery rose by 1.08% to reach $109.40 per barrel, recording the highest closing level since April 7, while US West Texas Intermediate crude for June delivery climbed by 1.10% to $97.43 per barrel.
A senior US official stated that the American President is dissatisfied with the latest Iranian proposal to end the war, while Iranian sources revealed that Tehran's proposal avoided addressing its nuclear program until cessation of hostilities and settlement of maritime disputes in the Gulf region.
This stalemate threatens to push the conflict into an impasse, as Iran continues to close navigation through the Strait of Hormuz, while the United States imposes strict oversight on the passage of ships coming from Iranian ports.
A market analyst reported that "the actual flow of crude through the Strait of Hormuz is the decisive factor for traders, which remains limited so far," adding that reaching a potential solution will not mean an immediate recovery, as production disruptions and logistical challenges may delay the return of supplies to normalcy for months.
Ship tracking data revealed significant disruptions in the region, where six Iranian oil tankers were forced to turn back due to US-imposed transit restrictions.
