NEW YORK/LONDON, May 4 (Bernama-dpa) -- US President Donald Trump's initiative to help get ships stranded in the Strait of Hormuz on their way did not help the world's oil markets on Monday, as prices rose to US$109.84, reported German Press Agency (dpa).
The increase in the price of a barrel (159 litres) of North Sea Brent crude for delivery in July rose by 1.54 per cent.
On Sunday, Trump warned on his platform Truth Social that he would respond firmly to any obstruction of the initiative he dubbed "Project Freedom".
On Monday, Iran's military leadership threatened attacks. Freight ships that wanted to pass through the strait would have to coordinate with the Iranian armed forces, Ali Abdollahi Aliabadi, commander of the central military command, said.
Oil prices rose as traders doubt the US plan will work. Talks between Washington and Tehran on ending the war are considered deadlocked.
Last week, oil prices rose to more than US$126 per barrel -- their highest level since 2022 when Russia started its full-scale invasion of Ukraine.
-- BERNAMA-dpa
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