Oil prices rose sharply on Tuesday due to the ongoing stalemate in negotiations between the US and Iran. The closure of the Strait of Hormuz continues to hinder market supply. Brent crude, the European benchmark, rose 2.92% to $111.39 per barrel by 12:12 PM, its highest level in three weeks. Meanwhile, WTI, the US benchmark, climbed 3.74% to $100.93 per barrel. With blockades in the Strait of Hormuz restricting tanker traffic, supply is tightening, driving prices up. Economists fear this will escalate inflation in energy products and across global supply chains. The White House is currently reviewing Iran's latest peace proposal, while maintaining its 'red lines' regarding Iran's nuclear enrichment program. Additionally, BP reported a fivefold increase in profits to 3.3 billion in the first quarter.