Oil prices rose nearly two percent Monday as the United States and Iran remained at a standstill over reopening the Strait of Hormuz, while diplomatic talks sputtered and regional violence flared across multiple fronts.
Strait of Hormuz Dispute
About 20% of global oil and liquefied natural gas passes through the strait. Tehran continues to insist on charging tolls for commercial passage and retaining control of the waterway, a requirement U.S. officials have rejected.
President Donald Trump said the U.S. is taking a low-key approach and is “only semi-negotiating” with Iranian leadership while letting economic pressures build on Tehran.
Regional Violence
Outside the Persian Gulf, hostility spread to the Red Sea late Sunday when Iranian-backed Houthi rebels launched their second strike in 24 hours against the government-controlled Yemeni port city of Mocha.
Military sources linked to the Houthis told Al-Masirah TV that the strike targeted weapons depots and Saudi troop locations. A military spokesperson for the group, Yahya Saree, stated they also carried out a drone attack on an Aramco refinery in Jazan, Saudi Arabia, in retaliation for airspace violations over Yemen.
Original reporting: Tampa Free Press — read the source article.
