Oil Surpasses US$103 Amid US-Iran Tension and Doubts Over the Strait of Hormuz

TL;DR

US oil prices (WTI) rose 4% to $103.9 per barrel amid rising US-Iran tensions.
Stalled negotiations between the US and Iran, coupled with critical statements from President Trump, have increased market uncertainty.
Concerns over a potential prolonged blockage of the Strait of Hormuz, through which 20% of global oil passes, are driving up prices.
The US is reportedly seeking additional guarantees regarding Iran's nuclear program and enriched uranium reserves for any deal.
The UAE's exit from OPEC and OPEC+ adds further uncertainty to the global energy market.
Negotiations remain stagnant, with a planned second round of talks in Pakistan failing to materialize.
The oil market remains highly sensitive to any developments in the Middle East, with frozen negotiations and threats to strategic routes contributing to volatility.

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