Brent crude (BZ), the international benchmark for oil, remains above $100 after Iran demanded control over the Strait of Hormuz in its latest peace proposal to the U.S. The proposal, which President Trump characterized as “totally unacceptable,” also includes provisions for war damages and diluting Tehran’s stockpile of enriched uranium.
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New trading tool for QQQ bullsBrent’s rise has also dragged gas prices higher. Prices at the pump have surged 52%, or $1.54, since the war began on February 28.
Oil Strength Driven By U.S.-Iran War And Seasonal Demand
Rising energy prices have fueled fears of sticky inflation and weakening consumer demand as a resolution to the war remains out of sight.
However, Brent’s strength isn’t just being driven by Middle East headlines. The market is also getting some support from seasonal demand as the busy summer driving period approaches. That mix has helped keep crude steady even when geopolitical news cools off.