Oil prices rise despite Iran’s proposal to reopen Strait of Hormuz

Oil prices are rising, with Brent reaching $110.70 per barrel, up over 12% from the previous week. Iran's proposal, shared by Foreign Minister Abbas Araghchi, to reopen the Strait of Hormuz in exchange for deferring nuclear negotiations with the US has not alleviated traders' concerns. Maritime traffic in the strait has plummeted, with only eight vessels crossing on Sunday, down from 19 the previous day.