Brent Near $109 and WTI Above $97 as Hormuz Blockade Halts 20% of Oil
Brent crude climbed 2.8% to about $109 a barrel and WTI surpassed $97 as the Strait of Hormuz stayed closed, halting around 20% of global oil and LNG flows. US officials held talks on Iran’s proposal, demanding blockade lift, legal transit rules and nonaggression assurances to restore flows.
1. Oil Price Gains
Brent crude climbed 2.8% to about $109 a barrel while WTI surpassed $97, driven by supply concerns and the ongoing closure of a key maritime route.
2. Hormuz Strait Blockade
Naval actions by Iran and the US have cut daily transits through the Strait of Hormuz to near zero, choking off roughly one-fifth of global oil and LNG shipments.
3. US and Iran Negotiations
US officials reviewed Tehran’s proposal, insisting on lifting the blockade, establishing legal transit rules and securing nonaggression guarantees before considering reopening the strait.