Iran's Demands Send Oil Prices Higher as Hormuz Tensions Persist

Oil prices are rising as Iran's demands for reopening the Strait of Hormuz cast doubt on stability in global energy markets.

Brent crude, the international benchmark, climbed over 1 percent Monday after Tehran stated that the critical waterway won't reopen without significant concessions from the US. According to ship-tracking platform MarineTraffic, between eight and 15 vessels crossed the strait on August 4, 5, and 6, a fraction of the roughly 130 transits before the conflict.

The lack of concrete movement in negotiations has led traders to be more cautious, according to Tim Waterer, chief market analyst at KCM Trade. 'Each day that passes without a breakthrough is making traders a little more cautious,' he said.

Brent futures for October stood at $84.11 a barrel at 7:30 GMT, up 0.7 percent from the previous session. The global benchmark has gained about 16 percent compared to before the start of the US and Israel's war on Iran.