The global oil price rose above $110 per barrel for the first time in three weeks, with Brent crude increasing 2.7% to $111.2 per barrel and West Texas Intermediate gaining 2.3% to $98.5 per barrel, due to traders' concerns over the lack of progress in negotiations between the United States and the Islamic Republic to end the conflict and reopen the Strait of Hormuz. CNN reported that former President Donald Trump stated it is unlikely he will accept Tehran's recent proposal to end the war, which includes reopening the Strait of Hormuz but defers nuclear program discussions to future talks.