International oil prices have risen for four consecutive days, breaking $110 per barrel, as there are no signs of a resolution to the Iranian nuclear crisis. U.S. President Donald Trump has stated that he will not lift the blockade on Iranian ports until an agreement is reached, and is reportedly discussing ways to extend the blockade with oil industry executives. On the other hand, Iran has shown no willingness to compromise, and a military advisor to Iran's supreme leader warned that Iran would respond if the blockade continues. Dennis Kessler, Senior Vice President at BOK Financial, said, "The longer the blockade lasts, the higher oil prices will go. This standoff could be a short-term factor for rising oil prices, but at the same time, it could also be a necessary condition to ultimately end this conflict."
