Rising oil prices - The Strait of Hormuz remains closed after negotiations between the US and Iran stall.

Oil prices are rising, efforts to restart peace talks with Iran have reached a stalemate, and the crucial Strait of Hormuz remains almost completely closed. Brent crude futures rose by 2.5% to $107.97 per barrel, while WTI crude futures are around $96 per barrel. President Trump canceled a planned trip by senior envoys to Pakistan over the weekend, and Iran has stated that they will not negotiate under threats and blockades. Since early April, the ceasefire agreement has been largely maintained, but the blockade of the Strait of Hormuz by the US and Iran has made this vital energy transport artery almost impassable. Supply disruptions have affected the supply of crude oil, fuel, natural gas, and even fertilizer, leading to concerns about inflation crisis.