Oil Prices Rebound to $85 as Hormuz Talks Stall

Oil prices rebounded to $85 per barrel on Monday as negotiations between Iran and Oman to reopen the Strait of Hormuz stalled. The lack of an agreement contributed to Brent crude's 1.77% increase to $85.03 per barrel, while West Texas Intermediate rose 1.83% to $79.61 per barrel.

The Strait of Hormuz remains a critical waterway for global oil supplies, and the ongoing conflict has led to a significant geopolitical premium on oil prices. Despite several rounds of talks between Iran and the US, no deal has been reached to end the war and reopen the strait.

Ongoing attacks by Yemen's Houthi militia on Saudi Arabia's energy infrastructure are also supporting higher oil prices. The latest strike hit the Jazan refinery, which has a capacity of 400,000 barrels per day.