Oil breaks $110 as US maintains Iran blockade

International oil prices have surpassed $110 a barrel, rising for the fourth consecutive day amid an unresolved nuclear crisis with Iran. U.S. President Donald Trump has stated that the blockade on Iranian ports will not be lifted until an agreement is reached and has reportedly discussed extending the measure with oil industry executives. In response, Iran has shown no willingness to concede, with a military advisor to the country's supreme leader warning that Iran will retaliate if the blockade continues. Dennis Kissler, a senior vice president at BOK Financial, noted that the longer the blockade lasts, the higher oil prices will climb. He suggested that while the standoff could be a short-term bullish factor for oil, it might also be the necessary condition to finally end the conflict.