Why are oil prices up today, and will Brent futures and US WTI crude prices continue to rise or decline again? Oil prices moved higher and reached a one-week high as traders watched developments surrounding Iran and the United States. Concerns over the Strait of Hormuz, lower global oil inventories, and expectations of strong summer demand supported prices. Market participants are now assessing whether Brent futures and US WTI crude prices can continue rising or face another decline depending on geopolitical and supply developments.

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.

Why are oil prices up today and will Brent and US WTI crude futures continue to drop or rise again? Oil prices moved higher after Iran suspended negotiations with the United…