"Brent crude, the international benchmark, rose more than 1 percent on Tuesday as Tehran's offer failed to assuage traders' concerns about the blockade of the waterway critical for global fuel supplies."
"Iran's threats against commercial shipping have reduced maritime traffic in the strait to a trickle over the past two months, paralysing a significant portion of the world's oil and natural supplies."
"The blockade and attacks on regional energy infrastructure have reduced global oil production by 14.5 million barrels per day, according to a Goldman Sachs estimate."
Brent crude prices increased by more than 1% as Iran proposed to reopen the Strait of Hormuz in exchange for deferring nuclear negotiations with the US. Despite this offer, traders remain concerned about the blockade affecting global fuel supplies. Brent crude reached $109.42 per barrel, up 11% from the previous week. Iranian threats have significantly reduced maritime traffic in the strait, with only eight vessels crossing recently compared to an average of 129 before the conflict. The blockade has also led to a reduction in global oil production by 14.5 million barrels per day.
Read at www.aljazeera.com
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