Hormuz Uncertainty Fuels Oil Price Surge

Oil prices rose by over 1% on Monday morning due to uncertainty surrounding the reopening of the Strait of Hormuz, a crucial route for global oil trade.

The price of Brent crude climbed to $84.65 per barrel, while WTI increased to $78.99 per barrel.

This uptick in prices is unexpected given last week's drop of over 7%, when traders were optimistic about Iran-Oman talks potentially reopening the vital oil passage.

However, negotiations between the two countries are still in limbo as they depend on the US easing sanctions and reducing military threats.