Hormuz Uncertainty Drives Oil Prices Higher

Oil prices have increased over 1% today as traders await the reopening of the Strait of Hormuz. The Brent crude benchmark rose by 1.32% to $84.65 a barrel, while WTI crude gained 1.04% to $78.99 a barrel.

The rise in oil prices comes after both benchmarks fell more than 7% last week on expectations that Iran and Oman were close to reaching an agreement that could restore shipping through the strait.

Iran's foreign minister, Abbas Araqchi, said that the agreement with Oman was in its 'final stages', but Tehran is demanding more from Washington first. This includes compensation, an end to sanctions, and an end to military threats from the US.