Oil prices rise as hopes fade over Strait of Hormuz reopening
Oil prices rose after hopes for an end to the war in Iran faded, following reports that President Donald Trump did not secure a commitment from China to help persuade Iran to reopen the Strait of Hormuz.
The Strait of Hormuz is a key shipping route for global energy supplies, and any disruption there can quickly affect oil markets.
The latest development has added to concerns about a broader energy crunch.
The move comes as traders weigh the risk of further strain on supplies and the possibility of higher fuel costs.
The report did not give details of any immediate change on the ground in the strait itself.
The market reaction underlines how closely energy prices remain tied to the conflict involving Iran and to diplomatic efforts involving major powers.
Even without a confirmed closure, uncertainty over access to the waterway can influence prices.
The supplied report says the prospect of an end to the war in Iran weakened after the failed attempt to secure Chinese support.
It does not say whether any new talks are planned.
