Hormuz Reopening Hinges on US Concessions, Oil Prices Remain Volatile
Oil prices continued to be volatile on Monday as concerns about the reopening of the Strait of Hormuz persisted. The waterway, which carries a fifth of the world's oil, has been closed due to tensions between Iran and the US.
Iran's insistence that the US satisfy several demands before the waterway can reopen tempered optimism over talks with Oman. While Iran said on Sunday that a deal with Oman was in its 'final stages', it reiterated that the waterway would only reopen once Washington met other conditions, including US compensation for widespread US attacks on Iran.
The attack on Saudi Aramco's Jazan refinery by the Iran-aligned Houthis added to supply concerns. The UAE's ADNOC said 15 of its vessels had been attacked transiting the Strait since the beginning of the conflict.