Brent Crude Holds at $108 as US Weighs Iran Hormuz Proposal
US President Trump convened national security officials to review Iran’s interim deal to reopen the Strait of Hormuz in return for lifting the blockade, while maintaining red lines against nuclear enrichment. Brent crude traded near $108 a barrel after rising 2.8%, while WTI held above $96 on tight supply concerns.
1. US Reviews Iran’s Hormuz Proposal
US President convened national security officials to assess Iran’s proposal to reopen the Strait of Hormuz in exchange for ending the blockade, but stressed any accord must resolve nuclear enrichment and weaponization before sanctions or naval operations are eased.
2. Impact on Oil Flows
Iran’s blockade has reduced daily crude and LNG transits through the Strait to near zero, although the first liquefied natural gas cargo since the conflict began has successfully navigated the route, hinting at potential relief if an interim settlement is approved.
3. Price Movements
Brent crude rose 2.8% to trade near $108 a barrel and West Texas Intermediate remained above $96, driven by concerns over constrained global supply and market speculation on the timing of restored Hormuz traffic.