Oil prices rose on Tuesday as Brent crude futures climbed toward $105 per barrel. The ceasefire between the United States and Iran appeared near collapse.
President Donald Trump rejected Iran's latest peace proposal. He stated the truce was on massive life support, escalating concerns over supply disruptions through the Strait of Hormuz.
The Strait of Hormuz serves as a chokepoint for nearly one-fifth of the world's oil supply. Iran's proposal reasserted sovereignty over the waterway.
OPEC oil production for April fell to a multi-year low. In response, the U.S. announced a loan of 53.3 million barrels from the Strategic Petroleum Reserve to temper prices.