Oil Prices Rise as Hormuz Reopening Hopes Fade

Oil prices rose on Monday after Iran refused to ease its conditions for reopening the Strait of Hormuz and US President Donald Trump rejected Tehran's proposal, reducing expectations of a swift return to normal shipping through the key oil chokepoint.

Brent crude was trading around USD 106 a barrel, while West Texas Intermediate (WTI) moved above USD 93. The more-active December Brent contract rose 1.1 per cent to USD 98.51 a barrel, while November WTI gained 1.1 per cent to about USD 93.42.

The latest move followed renewed uncertainty over diplomatic efforts to restore shipping through the Strait of Hormuz, through which roughly one-fifth of global crude oil and liquefied natural gas shipments moved before the conflict began.