SINGAPORE – Oil prices climbed sharply on Monday, driven by stalled peace negotiations between the US and Iran and ongoing restrictions on shipments through the Strait of Hormuz, keeping global supplies tight.
Brent crude rose $2.16, or 2.05%, reaching $107.49 per barrel, marking its highest level since April 7. U.S. West Texas Intermediate (WTI) increased $1.77, or 1.88%, to $96.17 per barrel, according to Reuters.
Last week, Brent and WTI recorded weekly gains of nearly 17% and 13%, respectively, representing their strongest weekly performance since the onset of the conflict.
In latest development, Iran has put forward new proposals to the United States through Pakistani intermediaries, aiming to reopen the Strait of Hormuz and end ongoing conflict while deferring discussions on its nuclear program to a later stage.
According to US media reports, the proposals reportedly include Iran’s commitment to lift blockades in the strategic waterway. US President Donald Trump is scheduled to meet senior officials today to discuss the proposals and determine the next course of action.
During Iranian Foreign Minister Abbas Araghchi’s recent visit to Pakistan, Iranian Ambassador Reza Ameri expressed gratitude to the Pakistani government, armed forces, and citizens for their support and hospitality.
The ambassador specifically commended Prime Minister Shehbaz Sharif and Army Chief Field Marshal Asim Munir for their leadership in promoting peace.
“The efforts of Prime Minister Shehbaz Sharif and Field Marshal Asim Munir in facilitating the end of conflict are commendable,” Ambassador Ameri said, highlighting the secure and well-organized nature of the Iranian delegation’s visit
