Oil Prices Rises Again as Worries Grow Over Strait Of Hormuz

Oil prices resumed their push higher Tuesday as several countries pushed back against Donald Trump's demand that they help secure the key Strait of Hormuz, while Iran continued to target crude-producing neighbours. 

The advances pared some of the previous day's sharp losses that came after the head of the International Energy Agency (IEA) said more stockpiles could be tapped if needed.

Still, equities extended Monday's gains as tech firms rallied after Nvidia said it expected to make at least $1



trillion in revenue through the end of 2027. 

Investors are also awaiting a slew of central bank decisions this week that analysts say could see a resumption of interest rate hikes aimed at offsetting a possible spike in inflation caused by the surge in crude prices.

Trump has called for allies in Europe and elsewhere to help reopen the Strait of Hormuz, which Iran has effectively closed, saying at the weekend that securing the waterway "should have always been a team effort, and now it will be".