Crude oil prices continue to rise amid US-Iran uncertainty. What’s the near-term outlook?

US-Iran war: Oil prices surged after US President Donald Trump dismissed Iran’s terms aimed at ending the Middle East conflict, raising concerns over the continued closure of the strategically important Strait of Hormuz. Brent crude futures jumped as much as 4.2% to $105.54 a barrel, while West Texas Intermediate climbed above $99 per barrel. Back home, crude oil prices witnessed a similar upward movement on Monday, tracking global prices. MCX crude oil prices rose as much as 5.51% to ?9,471 per barrel on 11 May. Why are crude oil prices rising? In a social media post, Trump called the response…