Commodities
Hormuz Uncertainty Sends Oil Prices Higher
Oil prices rose on Monday due to uncertainty over the reopening of the Strait of Hormuz. Iran stated that a deal with Oman defining new shipping lanes was in its final stages, but emphasized that the waterway would only reopen once Washington met certain conditions.
The U.S. must still meet other requirements, including compensation for Iran's widespread attacks. Traders are waiting for tangible evidence before unwinding the risk premium, said Tim Waterer, chief market analyst at KCM Trade.
Brent crude futures rose 91 cents or 1.09% to $84.46 a barrel by 0056 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.78%, to $78.79 a barrel.