Oil Prices Rebound Amid Ongoing Strait of Hormuz Uncertainty
Oil prices rose on Monday as uncertainty persisted over the reopening of the Strait of Hormuz. Iran said the US must meet several conditions before the waterway reopens, even as Teheran and Oman moved into the final stages of agreeing on new shipping lanes.
Brent crude futures rose 84 cents to $84.39 a barrel, while US West Texas Intermediate crude futures rose 60 cents to $78.77 a barrel. The benchmarks had fallen more than 7% last week on hopes that Iran and Oman were close to reaching a deal.
Araqchi, Iranian Foreign Minister, said the US must meet conditions including compensation for attacks on Iran before any progress is made. The attack on Saudi Aramco's Jazan refinery by the Iran-aligned Houthis also raised concerns about supply disruptions.