Crude oil climbs above $111 as diplomacy falters

Oil prices rose again as uncertainty surrounding the conflict between the United States and Iran continued to weigh on markets.

Brent crude for June delivery climbed to about $111.18 a barrel, while July contracts rose to around $104.33, moving closer to earlier peaks reached during heightened war concerns.

Analysts said stalled diplomacy and continued restrictions around the Strait of Hormuz are driving the rally.

Rising energy costs are also affecting consumers, with average petrol prices in the US reaching about $4.18 per gallon.