Trump administration convenes national security team on Iran negotiations as Middle East tensions drive oil markets higher.

Trump administration convenes national security team on Iran negotiations as Middle East tensions drive oil markets higher. Brent crude surged 3% to over $111 per barrel, reaching one-month highs, as the strategic Strait of Hormuz remains disrupted by ongoing conflict. Iran has proposed an interim deal to reopen the strait in exchange for ending US port blockades, but the White House expressed dissatisfaction with the proposal. Secretary of State Marco Rubio indicated concerns about the negotiating authority of those submitting Iran's offer. Trump plans to address the matter very soon, with administration red lines including preventing Iranian nuclear weapons development. The Strait of Hormuz, through which one-fifth of global oil and liquefied natural gas flows, has been at a virtual standstill since the conflict began in late February.