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Commodities

Hormuz Tensions Push Oil Prices Above $84 per Barrel

Guavy AI Editorial Team
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Oil
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Oil prices continued to rise as tensions in the Middle East remain high. Iran and Oman have yet to come to an agreement on reopening the Strait of Hormuz, a crucial shipping route for oil exports.

Brent crude oil traded above $84 per barrel after climbing over 5% in the past three sessions. West Texas Intermediate was near $79 per barrel.

Iran's Foreign Minister Abbas Araghchi said that an agreement with Oman on establishing a shipping route through Hormuz is 'very close', but ruled out direct talks with the US for now due to violations of an interim peace deal reached in June.

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