Iran's Conditions Stifle Hopes for Swift Hormuz Reopening
Oil prices rose on Monday as uncertainty persisted over the reopening of the Strait of Hormuz. Iran stated that the United States must meet several conditions before the waterway reopens, despite Tehran and Oman moving into the final stages of agreeing on new shipping lanes.
Brent crude futures increased by 84 cents, or 1%, to $84.39 a barrel, while U.S. West Texas Intermediate crude futures rose 60 cents, or 0.75%, to $78.77 a barrel.
Markets had fallen more than 7% last week on hopes of a deal between Iran and Oman that would result in the reopening of the Strait of Hormuz, which carries a fifth of the world's oil.
The Iran-aligned Houthis attacked Saudi Aramco's Jazan refinery on Sunday, further threatening supply. The United Arab Emirates' ADNOC reported 15 of its vessels had been attacked transiting the Strait of Hormuz since the beginning of the conflict.