Global oil supply remains under pressure as disruptions around the Strait of Hormuz persist, pushing fuel prices higher.
In the United States, the average price of gas has surged to $4.45 per gallon, representing nearly a 50% increase since the conflict began.
Meanwhile, OPEC has announced plans to boost production in an effort to stabilize markets, with no confirmation that the United Arab Emirates is exiting the group.
On the diplomatic front, President Donald Trump says the U.S. is engaged in “very positive discussions” with Iran, as both sides exchange peace proposals.
U.S. envoy Steve Witkoff has also confirmed that talks are ongoing, while Iran’s Foreign Ministry says it is reviewing Washington’s latest response.
