Commodities
Iran's Demands Send Oil Prices Soaring
Oil prices have risen after Iran announced it's not engaged in negotiations with the United States and presented demands for restoring shipping through the Strait of Hormuz.
The price of Brent crude increased by approximately 1.2% to $84.58 per barrel, while US crude rose by around 1.1% to $79.28 per barrel.
The delay in oil deliveries was exacerbated by Iran-backed Houthis blocking the Bab el-Mandeb Strait, which connects the Gulf of Aden and the Indian Ocean with the Red Sea.