Oil Prices Rise Amid Strait of Hormuz Uncertainty

Oil prices have increased as uncertainty persists over the reopening of the Strait of Hormuz to maritime traffic. The rise in oil prices came on Monday, according to Reuters.

Brent crude futures gained $1.20, or 1.44 percent, to trade at $84.79 a barrel. US West Texas Intermediate (WTI) crude also increased by $1.12, or 1.08 percent, reaching $79.29 a barrel.

The increase in oil prices is due to ongoing political and military developments in the region. Iran said an agreement with Oman on establishing new maritime routes had reached its final stages, but noted that additional conditions must be met by the United States to ensure stable maritime navigation.