Oil prices rise as no end to Iran war stand-off seems in sight

Oil prices extended their gains on Tuesday as efforts to end the ‌U.S.-Iran war appear stalled, with the crucial Strait of Hormuz water way still mainly shut, keeping energy supplies from the key Middle East producing region out of the reach of global buyers. US President Donald Trump is unhappy ​with the latest Iranian proposal aimed at ending the war, a US official said on Monday. ​Iranian sources disclosed on Monday that Tehran’s proposal avoided addressing its nuclear program ⁠until hostilities cease and Gulf shipping disputes are resolved. Trump’s displeasure with the Iranian offer leaves ​the conflict deadlocked, with Iran shutting shipping flows through the Strait of Hormuz, which typically ​carries supply equal to about 20% of global oil and gas consumption, and the US keeping in place its blockade of Iranian ports.