Iran Sets Conditions for Reopening Strait of Hormuz Amid Rising Oil Prices

Oil prices rose on Monday after Iran set conditions for reopening the Strait of Hormuz. According to Anadolu Agency, the Brent crude futures contract for October delivery increased by 1.09% to $84.46 per barrel.

The US West Texas Intermediate (WTI) futures for September also rose by 0.84% to $78.84 a barrel. Iran's Foreign Minister Abbas Araghchi stated that the Strait of Hormuz would not reopen until Washington met several conditions, including easing sanctions and paying war reparations.

Araghchi emphasized that Tehran is not currently engaged in direct talks with the US, despite Washington's claims of an imminent agreement.