Hormuz Reopening Hopes Dampened as Iran Demands US Compliance

Oil prices remained steady on Monday as optimism over talks to reopen the Strait of Hormuz was tempered by Iran's insistence that the United States must satisfy several demands before the waterway can reopen.

Brent crude futures stood at $83.74 a barrel, up 19 cents, while U.S. West Texas Intermediate crude futures were up 3 cents at $78.21.

The Strait of Hormuz carried a fifth of the world's oil and liquefied natural gas before the Middle East conflict began in February.

Iran said on Sunday that a deal with Oman was in its final stages, but it reiterated that the waterway would only reopen once Washington met other conditions, including U.S. compensation for widespread U.S. attacks on Iran.