Oil Prices Rise as Strait of Hormuz Reopening Remains Uncertain

Oil prices rose on Monday as uncertainty over the reopening of the Strait of Hormuz kept traders cautious. The Strait of Hormuz is a major route for global energy supplies, with about one-fifth of the world's oil passing through it before the conflict disrupted shipping.

The Brent crude futures gained 91 cents, or 1.09 percent, to $84.46 a barrel by 0056 GMT. US West Texas Intermediate crude rose 61 cents, or 0.78 percent, to $78.79 a barrel.

Iran said on Sunday that a deal with Oman to establish new shipping lanes was in its final stages, but reopening the waterway would depend on Washington meeting certain conditions. Those conditions include compensation to Iran for what Tehran described as widespread US attacks.