Oil prices have climbed for a fifth consecutive day as tensions escalate in the conflict between the United States and Iran. Investors are wrestling with uncertainty regarding a ceasefire between the two nations, while President Donald Trump's threats and social media posts are seen as hindering the prospect of Iran agreeing to more in-person peace talks.
The jump in prices follows fresh signs of escalation in the Iran war, dimming the prospects for an imminent resumption of flows through the Strait of Hormuz. This volatility comes as President Trump stated that vessels will need permission from the US Navy to transit the key waterway.
Meanwhile, oil prices continued to rise as investors remained cautious. This caution persists despite a three-week extension of the ceasefire between Israel and Lebanon.