Oil Prices Rise as Iran Maintains Demands on Strait of Hormuz

Oil prices advanced on Sunday as Iran maintained a seven-day reopening proposal for the Strait of Hormuz that was rejected by United States President Donald Trump.

Brent crude advanced above $106 a barrel and West Texas Intermediate moved toward $94, with Brent up over 70% this year amid ongoing Middle East tensions.

Traders continue to monitor maritime flows through the critical waterway, which previously carried about a fifth of global crude and liquefied natural gas.