Crude Oil claws back as Hormuz blockade outlasts deal hopes

WTI and Brent crude oil prices briefly declined due to hopes surrounding the Hormuz Strait blockade but quickly rebounded. Iran is awaiting a response to the latest US proposal, with the US naval blockade and Iran's claims on the Strait of Hormuz unresolved. Currently, US gasoline prices are at their highest level since July 2022, and structural factors haven't eased, reflecting ongoing tensions.