Securing safe passage for ships through the Strait of Hormuz, which accounts for about 20% of the world’s oil flow, has been a key aspect of negotiations on a peace deal with Iran.
Oil prices have surged since the war began, in large part due to ships being unable to pass through the strait. Brent crude prices on Sunday rose 3.17% to $104.50 a barrel and US crude climbed 3.21%, to about $98.48 a barrel. Goldman Sachs said last month that it expects Brent crude to remain above $90 a barrel through at least the end of the year.
The oil disruption has increased the US average for gas prices in the US to $4.52 a gallon, according to AAA.
Trump administration officials have…