Strait of Hormuz Closure Pushes Crude Prices Higher

President Trump rejected Iran's latest peace proposal, prolonging the closure of the Strait of Hormuz and limiting global oil supplies, pushing crude prices higher. The ongoing US-Iran conflict is exacerbating global oil and fuel shortages, as approximately one-fifth of the world's oil and liquefied natural gas transit through the strait. OPEC+ plans to boost production, but local producers are forced to cut output due to the Middle East war.