Hormuz Talks Stall as Iran Demands Concessions

Oil prices held steady on Monday as optimism over efforts to reopen the Strait of Hormuz was tempered by Iran's insistence that Washington meet a series of demands before the strategically vital waterway can fully reopen.

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

The price action shows the market is balancing two competing forces - a credible reopening would remove a substantial geopolitical risk premium from crude, while any breakdown in diplomacy or fresh attacks on energy infrastructure could quickly reverse last week's decline.

Iran said Sunday that discussions with Oman had reached their final stages, but Tehran made clear that an agreement on transit arrangements would not by itself reopen the strait.