Oil prices have risen, with some reports indicating an increase of 2% and others suggesting a climb of more than 3%, amid concerns about shipping in the Strait of Hormuz and remarks from US and Chinese leaders about Iran. There are conflicting reports about the current state of tensions between the US and Iran, with some indicating a potential escalation and others suggesting a possible de-escalation. The situation appears to be uncertain, with various developments and statements contributing to market volatility.