Sheng Bao Bank: Oil prices rise by more than 2.5%, impacted by increased supply concerns.

The rise in oil prices exceeded 2.5% as negotiations between the United States and Iran made little progress, with President Trump and his team skeptical of Iran's latest proposal to end the conflict. In early European trading, Brent crude for June delivery rose 2.9% to $111.39 per barrel, while June futures for West Texas Intermediate crude oil rose 2.4% to $98.66 per barrel. Analysts at Shengbao Bank said, "Oil prices continue to rise, with Brent crude trading near $111, and with no signs of progress in reopening the Strait of Hormuz, US and Iranian blockades have reduced daily traffic through the strait to near zero." They added, "Warnings about the severity of global supply tightness continue to intensify, with tightness in the refined oil market pushing diesel and aviation fuel prices to $200 per barrel."