Global oil prices continue to rise as Iran’s proposal to lift the effective blockade of the Strait of Hormuz in exchange for delaying nuclear negotiations with the United States has failed to ease market concerns. Brent crude, the international benchmark, climbed more than 1 percent on Tuesday to reach $109.42 per barrel, marking an increase of nearly 11 percent compared to last week, and its last close below $100 was recorded a long time ago.
The latest surge comes as Iranian Foreign Minister Abbas Araghchi proposed reopening the Strait of Hormuz through Pakistan, while putting the stalled US–Iran nuclear talks on hold for now. However, the United States has not yet issued any official response to the proposal.
Due to ongoing tensions and military escalation, commercial shipping through the Strait of Hormuz has nearly come to a halt over the past two months, severely disrupting global oil and energy supplies. Recent data shows that the average number of vessels passing through the strait has dropped from around 129 per day to only a handful, with further declines due to security risks and reported attacks in the region.
Experts warn that even if the situation stabilizes, global energy flows will not return to normal immediately. Backlogs at ports, damaged infrastructure, and the need to clear naval mines are expected to delay recovery for several months. In addition, global production is already under significant pressure, with some economic estimates indicating a shortfall of millions of barrels per day in oil output and supply, further deepening instability in the global energy market.
Oil prices skyrocket in global markets amid Hormuz crisis
