The price of oil crept back up on Wednesday after US President Donald Trump rejected Iran’s proposal to open the Strait of Hormuz and defended his maritime blockade.
Trump met with a group of energy executives on Tuesday to discuss how to minimize impacts from the war as the blockade continues “for months if needed,” a White House official said.
The prospect of a long-term closure of the waterway rattled energy markets — crude prices briefly touched $120 — and is set to test whether traders have been underpricing the risks of the war, an analyst said.
Trump told Axios he won’t strike a deal that doesn’t include provisions on Iran’s nuclear program.
