Oil rises as traders weigh Iran’s Hormuz offer and Trump’s next move
U.S. crude oil prices increased by over 3% amid concerns regarding Iran's proposal to reopen the Strait of Hormuz. President Trump expressed dissatisfaction with the offer, which includes lifting the U.S. naval blockade in exchange for reopening the strait. Secretary of State Marco Rubio criticized the proposal, emphasizing that international waterways should not be controlled by Iran.
- ▪U.S. crude oil prices rose more than 3% on Tuesday.
- ▪President Trump is dissatisfied with Iran's proposal to reopen the Strait of Hormuz.
- ▪Secretary of State Marco Rubio expressed skepticism about Iran's offer, stating it does not allow for true international access.
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U.S. crude oil prices rose more than 3% Tuesday on reports that President Donald Trump is dissatisfied with Iran's proposal to reopen the Strait of Hormuz. Investors also kept an eye on OPEC after the United Arab Emirates said it was leaving the organization starting Friday. West Texas Intermediate futures jumped more than 3% to close at $99.93 per barrel. International benchmark Brent futures advanced nearly 3% to settle at $111.26. Trump told his advisors that he is not satisfied with Iran's proposal to open the strait and end the war, multiple people briefed on the matter told The New York Times. It was not clear why exactly the president did not like Iran's offer, according to the Times. Iran has offered offered to reopen the strait if the U.S. lifts its naval blockade.
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