Iran Pledges to Keep Strait of Hormuz Closed Unless US Changes Behavior

Oil prices rose to a one-week high on Tuesday as concerns about Middle East supply disruptions persisted. Brent futures increased by $1.19, or 1.4%, to settle at $88.91 a barrel, while U.S. West Texas Intermediate (WTI) crude rose by $1.07, or 1.3%, to settle at $83.20.

The Strait of Hormuz will remain closed as long as the U.S. does not change its behavior and accept Iran's conditions to end the war, according to Mohsen Rezaei, secretary of Iran's Supreme National Security Council. This is the strongest indication yet that any deal in talks with Oman over the waterway would not immediately reopen it to shipping if the U.S. does not abide by its commitments.

Shipping data showed that traffic through the Strait of Hormuz dropped to six vessels on Monday, compared to a 10-day average of about 11 vessels. Before the war, daily traffic averaged between 125 and 140 vessels per day.