Iran Sets Conditions for Strait Reopening, Oil Prices Surge

Oil prices surged 3% on Monday after Iran set conditions for the United States to lift sanctions and reopen the Strait of Hormuz, a vital shipping lane.

The Strait, which carries nearly one-fifth of the world's oil, has been closed since late February due to rising tensions between Iran and the US.

Iranian Foreign Minister Abbas Araqchi stated that Tehran will not engage in talks with Washington while it remains in breach of an interim deal signed in June.

The latest demand from Iran includes compensation, an end to sanctions, and military threats before the Strait is reopened.