Commodities
Iran's Conditions Spark Oil Price Surge
Oil prices surged nearly 2% on Monday as Iran insisted that the US must meet several demands before reopening the Strait of Hormuz, a key waterway for global oil shipments.
The Brent crude futures price rose to $84.95 per barrel, while U.S. West Texas Intermediate crude futures jumped to $79.51 per barrel.
Iran had previously signaled a potential deal with Oman to define new shipping lanes through the Strait of Hormuz, but now says the US must meet conditions including compensation and an end to sanctions and military threats before the waterway can reopen.
The development comes after Iranian Foreign Minister Abbas Araqchi stated on Sunday that Tehran will not engage in talks with Washington while it breaches an interim deal signed in June.