Iran-US Deadlock Drives WTI Above $82 Amid Strait of Hormuz Concerns

The deadlock between the US and Iran has pushed West Texas Intermediate (WTI) crude oil prices above $82.10, up 0.70% on the day.

The Strait of Hormuz remains a concern as tensions continue to escalate between the two nations. Iranian Foreign Minister Abbas Araghchi stated that no negotiations are currently taking place and that the US must accept Iran's conditions for shipping to resume through the waterway.

Russia is also facing fuel shortages after Ukraine resumed attacks on Russian oil refineries, adding to supply risks in the region.

The American Petroleum Institute (API) will release its weekly Crude Oil Inventory report on Tuesday, which may provide insight into the current market conditions.