Iran's Demands for Hormuz Reopening Send Oil Prices Skyward

Oil prices surged on Sunday after Iran denied engaging in negotiations with the US and presented its demands for reopening the Strait of Hormuz. The move comes as tensions between the two nations continue to escalate. Tehran has called for an end to US attacks on Iran and its regional allies, as well as the withdrawal of US forces from around Iran.

The Iranian government also demanded sanctions relief, the unfreezing of Iranian assets, and compensation for war damage. These demands are seen as a major hurdle in any potential talks between the two nations.

Oil futures rose by over 1% on Sunday, with Brent crude reaching $84.58 a barrel and US crude gaining around 1.1% to $79.28.