Oil prices extended their gains on Tuesday as efforts to end the \u200cUS-Iran war appear stalled, with the crucial Strait of Hormuz waterway still mainly shut, keeping energy supplies from the key Middle East producing region out of the reach of global buyers. US President Donald Trump is unhappy \u200bwith the latest Iranian proposal aimed at ending the war, a US official said on Monday. \u200b Iranian sources disclosed on Monday that Tehran\u2019s proposal avoided addressing its nuclear program \u2060until hostilities cease and Gulf shipping disputes are resolved. Trump\u2019s displeasure with the Iranian offer leaves \u200bthe conflict deadlocked, with Iran shutting shipping flows through the Strait of Hormuz, which typically \u200bcarries supply equal to about 20% of global oil and gas consumption, and the US keeping in place its blockade of Iranian ports. Brent crude futures for June climbed 45 cents, or 0.4%, to $108.68 a barrel, after gaining 2.8% in the previous session to its highest close \u200bsince April 7. The contract is up for a seventh day. US West Texas Intermediate (WTI) crude for June rose \u200c58 \u2060cents, or 0.6%, to $96.96, after gaining 2.1% in the previous session. An earlier round of negotiations between the US and Iran collapsed last week following failed face-to-face talks. \u201cFor oil traders, it\u2019s not the rhetoric that matters any more, but the actual physical flow of crude oil through the \u200bStrait of Hormuz, and \u200bright now, that flow \u2060remains constrained,\u201d Fawad Razaqzada, market analyst at City Index and FOREX.com, said in a note. Razaqzada added that even if a resolution is reached, \u200bproduction outages and logistical challenges mean recovery could take months. Ship-tracking data revealed \u200bsignificant disruptions \u2060in the region, with six Iranian oil tankers forced to turn back due to the US blockade. However, a liquefied natural gas tanker managed by the United Arab Emirates\u2019 Abu Dhabi National Oil \u2060Co did \u200bcross the Strait of Hormuz and appears to be \u200bnear India, ship-tracking data showed on Monday. Before the US-Israeli war on Iran, which began on February 28, between 125 \u200band 140 vessels transited the strait daily.<\/p>\n","protected":false},"excerpt":{"rendered":"
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