Commodities
Oil Prices Rise as Strait of Hormuz Reopening Uncertainty Persists
Oil prices rose on Monday as uncertainty surrounding the reopening of the Strait of Hormuz created market volatility.
The Strait, a critical waterway through which one-fifth of the world's oil passes, has been closed due to the ongoing war. Despite earlier hopes that Iran and Oman were nearing an agreement to reopen the strait, Brent crude futures rose 91 cents or 1.09%, to $84.46 a barrel.
US West Texas Intermediate (WTI) crude futures also increased, rising 61 cents, or 0.78% to $78.79 a barrel. The price hike comes after both benchmarks fell more than 7% last week on expectations that the strait would reopen.