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Commodities

Iran-US Tensions Send Oil Prices Soaring Amid Strait of Hormuz Closure

Guavy AI Editorial Team
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Oil Natural Gas
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Oil prices surged on Monday as tensions between Iran and the US escalated. The Strait of Hormuz, which carries a fifth of the world's oil and liquefied natural gas, remains closed due to the ongoing conflict. Iran and Oman are reportedly nearing an agreement on new shipping lanes through the strait, but the US must meet certain conditions before it reopens.

Iranian Foreign Minister Abbas Araqchi said that Tehran will not start talks with Washington while the US is in breach of an interim deal signed in June. The US has demanded that Iran pay compensation for 'all of the people that they have killed and gravely wounded.'

The price of Brent crude futures settled up $4.17, or 4.99%, at $87.72 a barrel, while US West Texas Intermediate crude futures closed $3.95, or 5.05%, at $82.13.

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