Brent Crude Tops $111, WTI $100 on Stalled US-Iran Talks

Brent crude futures climbed above $111 per barrel on Tuesday, marking an eighth consecutive day of gains and a three-week high, while West Texas Intermediate topped $100 amid stalled negotiations between the United States and Iran over reopening the Strait of Hormuz.

The price surge followed the Trump administration's rejection of an Iranian proposal to end the conflict, lift the U.S. naval blockade on Iranian ports and shipping, and restore maritime traffic through the strait without first addressing Iran's nuclear program. The strait, through which about one-fifth of the world's oil and liquefied natural gas flowed daily before the conflict, has seen near-zero transits since early April. The U.S. blockade began on April 13 and has intercepted or turned away dozens of vessels, including two Iran-linked tankers near Sri Lanka last week.

U.S. officials emphasized that any deal must halt Iran's uranium enrichment and prevent nuclear weapon development. Secretary of State Marco Rubio stated in a Fox News interview that the nuclear issue remains central and that Iran seeking control of the strait is unacceptable. White House press secretary Karoline Leavitt said President Trump's...