Oil prices have seen a significant increase, with Brent crude nearing $111 per barrel and West Texas Intermediate exceeding $107. This surge comes as negotiations between the United States and Iran regarding a potential peace deal remain stalled, with President Donald Trump expressing frustration over the lack of progress. He stated on social media that 'the Clock is Ticking' for Iran, urging them to act quickly. The market's response has been influenced by the uncertainty surrounding the reopening of the Strait of Hormuz, a vital oil shipping route. Additionally, the Trump administration's decision to let a waiver for Russian crude sales lapse has further constrained supply, contributing to rising prices. Reports from Iran indicate that the US has outlined five main conditions for a deal, including the removal of uranium from Iran's nuclear program and no reparations to Tehran. Trump has indicated that he is waiting for a new proposal from Iran, suggesting that negotiations are at a pivotal point, with the potential for renewed military action if progress is not made.