Middle East Tensions Send Oil Prices Soaring Above $84

Oil prices continued to rise as tensions in the Middle East remained high. Iran and Oman have yet to reach an agreement on reopening the Strait of Hormuz, a critical waterway for global energy shipments. Brent crude traded above $84 per barrel, up over 5% from the previous three sessions.

Iran's Foreign Minister Abbas Araghchi said that a deal with Oman was 'very close' but would not immediately restore disrupted energy flows. President Donald Trump signaled patience in the matter, saying the US is now 'low-keying it.'

The market remains wary of a renewed flare-up in the region, which could disrupt global oil supplies. The Houthi militants in Yemen claimed an attack on Saudi Arabia's Jazan refinery over the weekend.