Crude oil prices have edged higher on Monday as the delay in reopening of the Strait of Hormuz persists despite assurance by the U.S. President Donald Trump as reports emerge on Iran taking a hardline stance.
WTI Crude Oil for July month delivery was last seen trading up by $0.52 (or 0.57%) at $91.06 per barrel.
Over the past few weeks, U.S. and Iranian negotiators exchanged draft agreements for a Memorandum of Understanding which included immediate reopening of the Strait of Hormuz.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.