Iran Sinks Oil Price Hopes with Demand List for US Reopening of Hormuz

Oil prices rebounded Monday as Iran dampened hopes for a swift reopening of the Strait of Hormuz, a critical waterway that carries nearly a fifth of the world's oil and liquefied natural gas.

Brent crude futures rose $1.40 (1.7%) to $84.95 per barrel by 8:18 ET, while US West Texas Intermediate crude futures gained $1.33 (1.7%) to $79.51 per barrel.

The price increase comes after a steep decline last week on speculation that Iran and Oman were close to reaching an agreement to reopen the Strait of Hormuz.

Iranian Foreign Minister Abbas Araqchi stated on Sunday that his country will not engage in talks with the US while Washington breaches its interim deal signed in June, adding conditions for a reopening, including compensation and an end to sanctions and military threats.