Oil Prices Climb as Hormuz Shipping Deal Remains in Doubt

Oil prices rose again on Tuesday as traders questioned whether an agreement to resume safe passage through the Strait of Hormuz would actually happen. The strait is a narrow waterway between Iran and Oman. About 20% of the world’s oil passes through it. Any disruption there can quickly affect global fuel prices. Markets remain skeptical that a deal to restore shipping is close. This uncertainty pushed crude futures higher for a second straight session. Analysts say that until a formal, verified agreement is signed, the risk of supply delays will keep prices elevated. No new details on the negotiations were released, and both sides have stayed quiet. For now, buyers are paying a premium for the possibility that shipping may stay blocked.