Oil Prices Extend Gains as Uncertainty Over Strait of Hormuz Persists

Oil prices extended their gains for a third consecutive day on Monday, with Brent crude topping $84 per barrel and WTI nearing $79. The increase comes despite uncertainty over plans to reopen the Strait of Hormuz, a crucial waterway in the Middle East.

Tehran announced that discussions with Oman on creating a shipping corridor through the Strait were close to reaching an agreement, but cautioned that any such arrangement would not result in the immediate reopening of the waterway. Iran also reiterated its demands for an end to the US naval blockade, the removal of sanctions and compensation for damages caused by the war.

US President Donald Trump indicated that he was willing to be patient despite growing pressure on Washington to secure a deal with Tehran. Meanwhile, Iran-backed Houthi rebels in Yemen claimed responsibility for an attack on Saudi Arabia's Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. (ADNOC) was reportedly attacked in the Strait of Hormuz over the weekend.