Oil Prices Rebound on Strait of Hormuz Uncertainty

Oil prices rebounded on Monday as uncertainty over the reopening of the Strait of Hormuz grew. The Iran-Oman deal, which was expected to lead to a reopening of the waterway, is reportedly in its final stages. However, Iran's Foreign Minister Abbas Araqchi stated that Washington must meet other conditions before the deal can be finalized.

The US has been accused of breaching an interim agreement signed in June, and Tehran will not initiate talks with the US until this issue is resolved. This development, combined with attacks on Saudi oil infrastructure over the weekend, has contributed to the price increase.

Brent crude futures rose 1.09% to $84.46 a barrel, while WTI gained 0.78% to $78.79 a barrel. The price rebound follows last week's decline of more than 7%, which was fueled by hopes for an Iran-Oman deal.