Hormuz Uncertainty Drives Brent Crude Prices Up Over $1

Ongoing uncertainty over negotiations to reopen the Strait of Hormuz has driven Brent crude oil prices up by more than $1 per barrel, settling at $83.55.

The price hike comes as Iran reviews a bill to ban US and Israeli vessels from the strait, through which about one-fifth of global oil and liquefied natural gas passes.

Analysts say the market remains in the dark about what needs to happen for an agreement to be reached, with key questions surrounding the treatment of US-flagged vessels and fees that Iran is seeking from ships using the strait.

Industry sources have expressed concerns that proposed deals may not be workable due to US sanctions and restrictive insurance clauses.