Commodities
Hormuz Tensions Send Oil Prices Soaring
Oil prices rose on Monday as Iran hardened its stance on the Strait of Hormuz, insisting that US forces must meet six conditions before allowing full passage through the key energy route.
The conditions include the withdrawal of US forces from the region around Iran, a permanent end to the war, compensation for war damage, and the lifting of sanctions. Additionally, Tehran is seeking the release of frozen Iranian assets.
Brent crude was trading at $84.24 a barrel on Monday, while US West Texas Intermediate stood at $78.70. The Strait of Hormuz is crucial to global oil markets, with around one-fifth of the world's oil supplies passing through it.