Iran's Conditions for Strait Reopening Send Oil Prices Higher

Oil prices rose on Monday as Iran's conditions for reopening the Strait of Hormuz raised concerns about prolonged disruptions to global energy markets.

The international benchmark Brent crude futures for October delivery climbed 1.09% to $84.46 a barrel, while US West Texas Intermediate futures for September rose 0.84% to $78.84.

Iran's Foreign Minister Abbas Araghchi said that the strategic waterway would not reopen until Washington meets certain conditions, including easing sanctions and paying war reparations.

Araghchi also stated that Tehran is not currently in direct talks with the US, despite Washington's claim that a deal is near.