Oil Prices Rise as Iran Keeps Hormuz Reopening Tied to US Concessions

Oil prices rose on Monday as uncertainty persisted over the reopening of the Strait of Hormuz, with Iran saying the United States must meet several conditions. Brent crude futures rose 84 cents to $84.39 a barrel by 04:24 GMT, while US West Texas Intermediate crude futures rose 60 cents to $78.77 a barrel.

The Strait of Hormuz carried a fifth of the world's oil before the war, and markets had been expecting a deal between Iran and Oman to result in its reopening. However, Iran said on Sunday that a deal with Oman was in its 'final stages', but would only reopen once Washington met other conditions, including US compensation for widespread US attacks on Iran.

Iranian Foreign Minister Abbas Araghchi reiterated Iran's position, saying an agreement on the Strait of Hormuz between Tehran and Muscat would set out new shipping lanes to be used once the US fulfils other conditions. Meanwhile, the Iran-aligned Houthis said they had hit Saudi Aramco's Jazan refinery on Sunday.