Oil Prices Jump as US Weighs Iran Proposal Amid Hormuz Closure

Oil prices climbed sharply as the United States considered a proposal from Iran to reopen the Strait of Hormuz, a key waterway for global oil shipments that has been shut down. The closure has disrupted crude supplies, pushing prices above $110 per barrel and causing U.S. gas prices to hit their highest level since the war in Iran began.

President Trump expressed skepticism about Iran's offer, while some of his advisers reportedly suggested maintaining a blockade of Iranian ports for two months. Meanwhile, the first loaded crude supertanker cleared the strait without using an alternative channel, and Goldman Sachs issued a forecast on the strait's future. The oil price rise also came as the UAE announced its exit from OPEC, adding further uncertainty to global oil markets.