Oil prices are rising due to the stalemate in Iran negotiations and continued disruptions in the Strait of Hormuz.

Oil prices rose in early trading, with Brent crude prices surpassing $105 per barrel, as negotiations between the US and Iran reached a deadlock and tensions escalated in the Strait of Hormuz, sparking concerns in the market about a prolonged conflict. Brent crude futures for June delivery rose by 0.6% to $105.73 per barrel, while West Texas Intermediate rose by 0.4% to $96.20 per barrel. Analysts at Shengbao Bank stated, "Oil prices have been rising for the fifth consecutive day, with the deadlock in the Middle East seeming to have no end in sight." They added, "Ceasefire agreements between the US and Iran, as well as between Israel and Lebanon, have been extended, but disruptions in supply have significantly reduced oil and natural gas transportation in the Middle East, tightening global supply."