Oil prices rise as US-Iran peace talks stall, supply concerns mount

Oil prices have climbed following a significant stalling of Middle East peace negotiations. Iran has announced a transition to a fully offensive military posture, while the United States has ruled out extending a temporary ceasefire agreement. These developments have heightened concerns over global energy security.

Shipping through the Strait of Hormuz has experienced a sharp decline following recent attacks in the region. The combination of geopolitical tensions and reduced maritime traffic through this critical waterway has intensified worries about the stability of global oil supply chains.