Oil prices climbed again on Monday as uncertainty continued to grip one of the world’s most critical energy chokepoints — the Strait of Hormuz — where shipping disruptions remain
unresolved.
Brent crude for June delivery rose by 2.5% to reach $107.97 per barrel, while U.S. West Texas Intermediate (WTI) gained more than 1.5%, hovering near $97 per barrel. However, gains softened later in the session after a media report indicated that Iran may have put forward a fresh proposal, offering a glimmer of hope to markets.
Despite that development, there were no new mediation efforts between Washington and Tehran over the weekend. Although a ceasefire is technically still in effect, it has done little to restore normal shipping activity through the strategic waterway.
The ongoing deadlock, now entering its ninth week, continues to raise concerns among analysts. Many warn that as long as the situation remains unresolved, oil prices are likely to stay elevated — potentially above the $100 mark for an extended period. Photo by Stacey Harris, Wikimedia commons.
