Hormuz Uncertainty Sends Oil Prices Higher

Oil prices rose on Monday due to uncertainty over the reopening of the Strait of Hormuz, a critical waterway that carried a fifth of the world's oil before the war.

The price increase came as Iran said a deal with Oman defining new shipping lanes was in its final stages but insisted the US must still meet other conditions, including compensation for widespread attacks.

Iranian Foreign Minister Abbas Araqchi stated that the country will not start talks with the US as long as Washington breaches an interim deal signed in June.

Oil prices had fallen over 7% last week on hopes of a deal between Iran and Oman, but traders remain cautious until tangible evidence is provided.