Oil climbs toward $105 after Trump says Iran truce at its 'weakest'

Oil prices edged higher and the dollar strengthened on Tuesday as fading hopes for a breakthrough over the Strait of Hormuz added to concerns that the Iran conflict could drag on.

Brent crude futures rose 0.7% to around $105 a barrel after President Donald Trump said the ceasefire with Iran was “on life support,” underscoring the growing gap between Washington and Tehran.

Trump’s remarks came after Iran rejected key elements of a US proposal aimed at ending the conflict and restoring stability to shipping routes through the Strait of Hormuz.