Oil Prices Jump on Strait of Hormuz Reopening Uncertainty
Oil prices rose on Monday due to uncertainty over the reopening of the Strait of Hormuz. According to Iran, a deal with Oman defining new shipping lanes is in its final stages, but the US must still meet other conditions.
Brent crude futures increased by 1.09% to $84.46 a barrel, while U.S. West Texas Intermediate crude futures rose 0.78% to $78.79 a barrel.