Iran's Demands Send Crude Oil Prices Soaring Amid Strait of Hormuz Tensions

Crude oil prices rose on news that Iran has issued a list of demands for reopening the Strait of Hormuz. The US and Iran have been locked in a standoff over the strategic waterway, with tensions easing last week after the US called off planned attacks against Iran.

However, the situation remains volatile as Iran's demands include an end to US sanctions, release of frozen assets, and an end to US-backed attacks on its regional allies. The Strait is a crucial chokepoint for global oil supplies, with disruptions affecting Brent and WTI prices.

Brent, the global benchmark, jumped to $83, while WTI perpetual futures rose to $77.67. Technical analysts see room for further gains, with bulls eyeing a move towards $95 as long as tensions persist.