economy
Oil prices rise as US-Iran diplomatic impasse continues
Oil prices rose on Tuesday as a diplomatic stalemate in the Middle East continues, after Iran ruled out any compromise following the rejection of its proposal by the United States. AFP The price of a barrel of Brent North Sea crude, for July delivery, advanced 3.42% to $107.77, while West Texas Intermediate crude, for June delivery, increased 4.19% to $102.18.
TL;DR
- Oil prices rose due to the ongoing diplomatic stalemate between the US and Iran.
- Iran rejected any compromise after its proposal was dismissed by the US.
- This diplomatic deadlock raises fears of a prolonged blockade of the Strait of Hormuz.
- The Strait of Hormuz normally handles 20% of the world's oil supply.
- Traders are also awaiting the meeting between the US and Chinese presidents.