Oil prices continue to boil as US–Iran ceasefire hangs on ‘life support’

AI Summary

The ongoing tensions in the Middle East have led to a significant increase in oil prices as fears surrounding a potential US-Iran ceasefire loom. The Strait of Hormuz is highlighted as a crucial point affecting global energy supplies.

Middle East conflict jitters are pushing oil prices higher, with Brent crude and WTI futures seeing gains. Ceasefire talks with Iran are reportedly "on life support" following Tehran's response to a US proposal, which included broader regional demands. The Strait of Hormuz, a vital oil passage, remains a key flashpoint, with Iran asserting control, raising concerns about global energy supplies.