Global oil markets surge as Washington weighs Iran’s Strait of Hormuz proposal
Global energy markets remained on edge as oil prices climbed sharply despite a new diplomatic overture from Iran aimed at reopening the strategically vital Strait of Hormuz, with the proposal met with caution in Washington and skepticism among traders, reinforcing volatility across crude markets. Iranian Foreign Minister Abbas Araghchi introduced what officials described as a […] ظهرت المقالة Global oil markets surge as Washington weighs Iran’s Strait of Hormuz proposal أولاً على African Percentions.
Black News 
Global energy markets remained on edge as oil prices climbed sharply despite a new diplomatic overture from Iran aimed at reopening the strategically vital Strait of Hormuz, with the proposal met with caution in Washington and skepticism among traders, reinforcing volatility across crude markets.
Iranian Foreign Minister Abbas Araghchi introduced what officials described as a “nuclear deferral” framework over the weekend through Pakistani intermediaries, offering the immediate reopening of the strait to commercial shipping and a halt to Iranian naval harassment in exchange for lifting the U.S. naval blockade on Iranian ports and postponing nuclear negotiations to a later phase.
U.S. officials acknowledged the proposal as a shift in tone but maintained firm positions on core issues. Secretary of State Marco Rubio said the offer was “better than expected,” while emphasizing that Washington would not accept arrangements granting Iran effective control over international waterways. President Donald Trump reportedly adopted a stricter stance, insisting on a complete halt to uranium enrichment before any sanctions relief or adjustments to the blockade.
Despite these diplomatic developments, oil prices continued to rise, with Brent crude increasing by around 3% to reach $111.49 per barrel, marking a 13% weekly gain, amid widespread doubts over a near-term resolution and ongoing concerns about global supply disruptions.
Financial estimates point to a significant imbalance in the market, with global production reduced by approximately 14.5 million barrels per day due to conflict and infrastructure damage, pushing the market toward a projected deficit of about 9.6 million barrels per day in the second quarter of 2026.
Meanwhile, maritime traffic through the Strait of Hormuz has dropped to extremely low levels, with daily vessel transits falling from an average of 129 ships before the crisis to around eight, as shipping operators adopt a “wait and see” approach due to fears of naval confrontation, mines, and enforcement of the blockade.
U.S. Central Command continues to enforce strict maritime restrictions, with reports indicating that dozens of vessels have been turned back for violating blockade parameters, while only ships not linked to Iranian ports are currently allowed to transit, further constraining commercial flows.
Experts warn that even in the event of a diplomatic breakthrough, normalization of oil flows will not be immediate, citing the need for mine clearance, security guarantees, and repairs to damaged oil infrastructure, particularly in Iraq, with forecasts suggesting that a return to pre-crisis export levels may not occur before late June at the earliest.
As the White House prepares its formal response to the Iranian proposal, expected Wednesday, the situation remains fluid, with continued elevated risks and additional European naval deployments in the region keeping markets unstable in the coming weeks.
ظهرت المقالة Global oil markets surge as Washington weighs Iran’s Strait of Hormuz proposal أولاً على African Percentions.
