As the Strait of Hormuz shows few signs of reopening, oil prices are rising.

With little signs of the Strait of Hormuz reopening, oil prices are rising. US President Trump said in an interview with Fox News on Saturday that the US is "very close to a really good deal," but hinted that resuming fighting could be an alternative. Barclays commodity research analyst Amarpreet Singh stated in a report, "Market participants seem eager to reflect the expectation of a resolution in the situation in the Strait of Hormuz in prices, but after seven weeks of negotiations, reaching a potential agreement remains difficult." Nearby West Texas Intermediate crude oil futures rose by 2.1% to $89.20 per barrel, while nearby Brent crude oil futures rose by 1.7% to $92.66 per barrel.