Oil prices climbed on Tuesday as U.S. President Donald Trump indicated that the ceasefire with Iran is on life support, following the rejection of Tehran's counterproposal to end the war.
This development has raised concerns about a prolonged conflict in the region, which could have significant implications for global energy markets.
Brent crude and West Texas Intermediate (WTI) both saw upward movement, reflecting heightened geopolitical risk and uncertainty over potential disruptions to oil supplies.
The Strait of Hormuz, a critical shipping route for global oil exports, remains a focal point for market participants assessing the risk of renewed hostilities.
The situation is being closely monitored for any further developments, including potential military actions or diplomatic efforts to de-escalate tensions.
Analysts are also watching for updates on the status of the ceasefire and any new proposals from either side.