Even once the Strait of Hormuz reopens, it will take months for oil and gas flows to get back to normal, Exxon and Chevron warn.

Oil prices rose on Friday as efforts to halt the Iran war remained at an impasse, with Tehran still blocking the Strait of Hormuz and the U.S. Navy blocking exports of Iranian crude. Brent crude futures for July were up $1.

Global oil prices jumped to a four-year high of more than $126 a barrel on ​Thursday on concerns that the U.S.-Iran war could worsen and lead to a protracted Middle East supply disruption that could hurt global economic growth,

President Donald Trump said he was sticking with a naval blockade of Iranian ports even as oil prices hit a wartime high amid concerns the vital Strait of Hormuz would not reopen anytime soon.

Oil surged overnight Wednesday into Thursday to $126 a barrel, before eventually falling. CBS News MoneyWatch correspondent Kelly O'Grady reports.

Oil prices dropped on Friday, reversing earlier gains after Iran signaled a potential step toward de-escalation by submitting a new proposal through Pakistani mediators. The development comes amid continued

Iran delivered a new proposal to the US and President Donald Trump vowed to maintain a naval blockade, as the two sides pursue behind-the-scenes diplomacy to turn a fragile ceasefire into a lasting peace.

The Iran war has reached the 60-day mark, as data shows gas prices setting a concerning record. CBS News' Natalie Brand and Kelly O'Grady report.