Brent crude futures rose toward $110 per barrel on Tuesday, approaching levels last seen in March, as stalled efforts to resolve the US–Iran conflict and reopen the Strait of Hormuz kept markets on edge. US President Donald Trump was reportedly dissatisfied with Iran’s latest proposal, with Tehran’s nuclear program remaining a central sticking point in the talks.
According to diplomatic channels via Pakistan, Iran indicated it would be willing to halt hostilities if Washington lifted its naval blockade, agreed to a revised transit framework for the Strait of Hormuz, and offered assurances against future military action. Now in its ninth week, the conflict has driven energy prices higher and disrupted supplies across key markets.
The International Energy Agency has warned of an unprecedented supply shock amid growing risks of a demand slowdown. Crude flows through the Strait of Hormuz—normally accounting for roughly 20% of global energy consumption—remain effectively halted, maintaining persistent upward pressure on prices.
