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International crude oil prices surged on Tuesday as uncertainty surrounding US-Iran negotiations persisted, leading to apprehensions about reopening the vitally significant Strait of Hormuz for oil transit. Hopes for Middle East de-escalation were dashed over the weekend as President Donald Trump turned down Iran’s proposed seven-day truce. Mediators are currently engaged with US and Iranian officials to broker a resolution to cease hostilities and restore operations through the Strait of Hormuz. The impasse in the waterway’s traffic flow has disrupted global trade and contributed to higher inflationary pressures. Iran has put forth a condition for Strait of Hormuz reopening, demanding…
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