Oil settles at 1-week high as Hormuz shutdown keeps supply tight

Oil prices climbed to their highest close in a week on Tuesday as traders focused on the war involving Iran and the continued disruption of shipping through the Strait of Hormuz. Brent crude rose $1.02 to settle at $96 a barrel, while US West Texas Intermediate gained $1.60 to $93.76. The conflict has left the strait largely closed to maritime traffic, constraining a major route for global oil and liquefied natural gas. Iran is reviewing a proposed arrangement with the United States to halt the conflict, but Iranian media reported contacts had paused for several days. President Donald Trump said negotiations were still continuing, while Secretary of State Marco Rubio told lawmakers Iran had agreed to discuss parts of its nuclear program it had previously rejected.