Hormuz Standoff Sends Oil Prices Soaring

Global energy markets tightened sharply on Monday as crude oil prices climbed amid a protracted geopolitical stalemate in the Strait of Hormuz. The sustained disruption of the waterway, which historically processes up to 25 percent of the world's seaborne oil trade, is sending shockwaves through the global economy.

The international benchmark, Brent crude, rose by 1.09 percent to reach $84.46 a barrel, while United States West Texas Intermediate (WTI) climbed to $78.79. Iran's Hardline Demands

Iranian Foreign Minister Abbas Araghchi clarified that the strategic waterway would remain effectively closed to Western-aligned commercial traffic until Washington meets six non-negotiable conditions.