Oil Extends Surge As Hormuz Standoff Deepens

(RTTNews) - Ol prices pushed higher on Tuesday as U.S.-Iran peace talks stalled and the Strait of Hormuz remained effectively closed, threatening energy supply.

Brent prices rose nearly 3 percent to consolidate above $111 a barrel amid stalled efforts to end the U.S.-Iran war. WTI crude futures were up 3.2 percent at $99.49 a barrel.

Media reports suggested that U.S. President Donald Trump is not satisfied with the Iranian proposal to reopen the Strait of Hormuz and end the two-month war in exchange for delaying nuclear talks.

Citing anonymous U.S. officials, ABC News reported that the deal fell short of Washington's red lines - dampening hopes for a resolution to the conflict that disrupted energy markets and tightened global financial conditions.

The United States is no longer able to "dictate" its policy to independent nations and Washinton should "accept that it must abandon its illegal and irrational demands," according to Iran's defense ministry spokesman Reza Talaei-Nik.

Meanwhile, in an escalation of its "maximum pressure" campaign, the Trump administration has warned foreign companies and governments of tough sanctions if they continue doing business with Iranian airlines.

The warning extends beyond direct trade to include any third-party facilitation of services. "Doing business with sanctioned Iranian airlines risks exposure to U.S. sanctions, U.S. Treasury Secretary Scott Bessent warned in a post on X.