Oil prices increased again on Monday morning as the issue of restoring shipping through the Strait of Hormuz remains unresolved, although a new proposal from Iran, reported by Axios, provided some minor relief to markets.

The price of a barrel of Brent crude for June delivery increased by 2.5 per cent to 107.97 USD, while US WTI crude rose by more than 1.5 per cent to around 97 USD per barrel. Following the Axios report, the upward momentum eased slightly, The Caspian Post reports, citing foreign media.

No mediation talks between the United States and Iran took place over the weekend. While a ceasefire remains in place for now, the Strait of Hormuz is still largely blocked in practice.

Analysts warn that the ongoing stalemate, now nine weeks into the conflict, could keep oil prices above 100 USD per barrel for an extended period.