Brent crude oil rose 3.17% on Sunday, reaching $104.50 per barrel, while U.S. crude oil climbed 3.21%, reaching approximately $98.48 per barrel.
Peace negotiations between the United States and Iran appear to have stalled again, reigniting concerns over whether oil can flow through key Middle Eastern waterways.
"The U.S. has drawn 'very clear red lines' in its latest proposal," said U.S. Ambassador to the United Nations Mike Waltz. Iran responded to the U.S.'s latest proposal, but Trump criticized Iran's response as "completely unacceptable."
With no peace agreement reached in recent weeks, the likelihood of reopening the Strait of Hormuz—a critical passage for one-fifth of global oil—has diminished. A senior Iranian military figure warned countries imposing sanctions on Iran that "problems will arise" when their vessels pass through the strait.
The United States continues to maintain a maritime blockade against Iranian ships and ports. On Friday, U.S. forces opened fire on an Iranian-flagged tanker attempting to bypass the blockade.
Since the conflict began, Brent crude prices have risen nearly $20 from previous levels, while U.S. crude prices have increased by about $10. These higher oil prices are increasing costs for Americans at the pump: according to AAA data, the average gasoline price stands at $4.52 per gallon.
Original source: toutiao.com/article/1864851408995339/
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