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Iran's Hormuz Conditions Spark 2% Crude Oil Price Surge

Guavy AI Editorial Team
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Crude oil prices rose nearly 2% on Monday after Iran said it would not ease its conditions for reopening the Strait of Hormuz, adding to uncertainty over when traffic through the critical energy corridor could return to normal.

Brent crude futures for November delivery increased by 1.86% to $99.30 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 1.92% to $94.20 a barrel.

The latest price move came after U.S. President Donald Trump rejected a proposal from Tehran that would have allowed the Strait of Hormuz to reopen within seven days while broader negotiations continued.

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