Hormuz Reopening Uncertainty Keeps Oil Prices in Check

Oil prices remained volatile on Monday as the reopening of the Strait of Hormuz hung in the balance. The waterway, which carries a fifth of the world's oil, has been closed due to tensions between Iran and the US.

Iran reiterated that it would only reopen the strait once the US satisfies several conditions, including compensation for attacks on Iranian targets.

The uncertainty has kept crude oil prices in check, with Brent futures at $83.54 a barrel and WTI at $78.03 a barrel.

Iran's Foreign Minister Abbas Araqchi stated that talks between Iran and the US are not ongoing until Washington meets its demands.