Oil prices rose on Monday as hopes dimmed for a breakthrough in the standoff between the United States and Iran over the Strait of Hormuz.
Iran and Oman recently indicated that they were near an agreement that would allow oil and other important commercial traffic to resume through the crucial waterway. But Iran has issued a long list of demands that it said would have to be met by the United States before ships could move freely again, and it was clear that Tehran wanted to continue to use the strait as leverage. Mr. Trump told Axios on Sunday that he believes that Iran will eventually come around because of economic distress and inflation.
