Brent crude prices have risen by as much as 3% to reach $106 a barrel, as markets see no end to the closure of the Strait of Hormuz. This comes after US President Donald Trump called on other countries to reopen the critical waterway, which usually transports about one-fifth of global oil supply. However, no major countries have publicly committed to this proposal. This has led to a significant increase in global oil prices, pushing up fuel prices and raising concerns about a slowdown in the global economy.