Brent crude rose 1% to $109.34 per barrel and WTI up 0.9% to $97.28 amid Hormuz tensions.
US President Donald Trump expressed dissatisfaction with Iran’s proposal to reopen the Strait of Hormuz, citing postponed nuclear talks.
US Treasury Secretary Scott Bessent warned Iran’s oil output is collapsing under the naval blockade, risking gasoline shortages.
Analysts note higher oil prices could fuel energy‑driven inflation ahead of upcoming US and Japan central‑bank meetings.