Oil Rises Above $110 Amid Iran War Impasse
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US gasoline prices hovered near highs not seen since the start of the Iran war, and Brent crude rose to $110 a barrel, delivering a 5% price spike this week as the Trump administration mulled a response to Iran’s latest proposal.
The Islamic Republic has signaled it may be willing to accept an interim deal to reopen the Strait of Hormuz in exchange for Washington ending its blockade of Iranian ports, while postponing more complex negotiations over the country’s nuclear program. Tehran is insisting on keeping some control over shipping through the strait, a point likely to be contested by the White House.