Brent Rallies on US–Iran Uncertainty

Brent crude futures climbed to around $110 per barrel on Tuesday, advancing toward levels last seen in March as stalled efforts to end the US–Iran conflict and reopen the Strait of Hormuz kept markets on edge. US President Donald Trump was reportedly dissatisfied with Iran’s latest proposal, with Tehran’s nuclear program remaining a central point of contention in negotiations.

Iran conveyed through Pakistan that hostilities could cease if Washington lifted its naval blockade, agreed to a revised framework for transit through Hormuz, and provided assurances against future military action. Now in its ninth week, the conflict has pushed energy prices higher and disrupted supply across key markets, while the International Energy Agency has warned of an unprecedented supply shock alongside rising risks of a demand slowdown. Flows through the Strait of Hormuz, typically accounting for roughly 20% of global energy consumption, remain effectively halted, sustaining upward pressure on prices.