Iran's Conditions for Strait Reopening Send Oil Prices Soaring

Oil prices have risen in response to Iran's conditions for reopening the Strait of Hormuz, which has been disrupted since the beginning of the Iran-US conflict six months ago. International benchmark Brent crude futures climbed 1.09% to $84.46 a barrel, while US West Texas Intermediate futures rose 0.84% to $78.84.

Iranian Foreign Minister Abbas Araghchi stated that the waterway will not reopen until Washington meets certain conditions, including easing sanctions and paying war reparations. He also clarified that Tehran is currently not in direct talks with the US, contrary to previous claims from Washington.

Despite the energy market volatility, Asian stocks have shown resilience, with Japan's Nikkei 225 gaining 2.1%, South Korea's Kospi up 0.7% and Hong Kong's Hang Seng Index 0.6% higher.