Oil Prices Rise as US-Iran Standoff Deepens

Oil prices rose on Monday as tensions between the US and Iran deepened, with the Strait of Hormuz remaining closed. The West Texas Intermediate (WTI) crude price surged by 0.47% to $83.88 a barrel, while Brent gained 0.38% to $78.50. President Donald Trump said Washington is only 'semi-negotiating' with Tehran and will wait for economic pressure on Iran to intensify.

Iranian Foreign Minister Abbas Araghchi stated that there are no direct talks between Iran and the US, and the Strait of Hormuz will remain closed until Washington meets its demands. This development adds another layer of uncertainty to the oil market, as the Strait is a critical route for global energy shipments.