Oil prices rise 2% - Peace talks stalled. Strait of Hormuz still closed
Oil prices rose nearly 2% on Tuesday, extending gains from the previous session, as efforts to end the US-Iran war appear to have stalled, with the Strait of Hormuz still closed.
US President Donald Trump is unhappy with the latest Iranian proposal aimed at ending the war, a US official said. Iranian sources revealed that Tehran's proposal avoided addressing its nuclear program until hostilities ceased and disputes over shipping in the Persian Gulf were resolved.
Brent crude futures for June rose $2.32 to $110.55 a barrel, while U.S. crude rose $1.80 to $98.17 a barrel.
"Talks about 'peace' still appear superficial and lack concrete evidence of a reduction in tensions. Despite the rhetoric, shipping movement through the Strait of Hormuz remains restricted and this prolonged disruption is what is keeping oil risk premiums high," analysts said.
Ship tracking data revealed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade.
However, a liquefied natural gas tanker operated by the United Arab Emirates' Abu Dhabi National Oil Company passed through the Strait of Hormuz and appears to be near India. Before the US-Israeli war against Iran, which began on February 28, between 125 and 140 ships passed through the strait every day.
Analysts expect current oil prices to be the new norm. They see a baseline situation shifting from a de-escalation of the war to an “ambiguous situation” of a prolonged ceasefire, with oil prices trading between $100 and $125 per barrel.
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