Oil prices climb as doubts Strait of Hormuz will open anytime soon grow

Commodity exchanges saw the oil price climb on fears a deal to end the standoff that has effectively closed the Hormuz Strait could be some time off.

Oil rose as traders assess mixed signals from the U.S. and Iran amid worries that a deal to open the Strait of Hormuz may not come anytime soon.

Hopes were dashed over the weekend for a breakthrough on shipping traffic through the critical waterway in the Persian Gulf.

Oil Rises Amid Growing Doubts That Strait of Hormuz Can Reopen Soon  WSJ

Brent crude prices rise as Tehran says critical waterway will not reopen without major US concessions.

The head of the Petroleum Products Division at the Federation of Egyptian Chambers of Commerce, Hassan Nasr, said that the local market is operating stably, with fuel available in all governorates. He noted that petroleum product prices have not seen any new increases so far, while predicting future price trends is dif