Oil prices continued to climb on Tuesday, even as Iran proposed lifting its effective blockade of the Strait of Hormuz in exchange for deferring nuclear negotiations with the United States.

Brent crude, the international benchmark, rose more than 1% to $109.42 per barrel, up 11% from last Tuesday, when it last closed below $100. The increase came as Iranian Foreign Minister Abbas Araghchi shared proposals to reopen the strait with Pakistan, a mediator in the stalled US-Iran talks.

The US has not publicly commented on the Iranian proposal, which would postpone the thorny issue of Iran's nuclear program. The blockade has severely reduced maritime traffic in the strait, a critical chokepoint for global oil and gas supplies.

Only eight vessels crossed the strait on Sunday, down from 19 the previous day, according to ship tracking data. Before the US and Israel launched their war on Iran on February 28, an average of 129 vessels passed daily, according to UNCTAD.

The blockade and attacks on regional energy infrastructure have cut global oil production by 14.5 million barrels per day, per Goldman Sachs. Shipping experts warn that even if a deal is reached, it could take months for energy flows to normalize due to backlogs, infrastructure damage, and the need to clear Iranian mines from the waterway.

Source: www.aljazeera.com