Oil Prices Rise on Hormuz Uncertainty Amid Iran's Conditions
Oil prices rose on Monday as uncertainty persisted over the reopening of the Strait of Hormuz.
The Strait, which carries a fifth of the world's oil, was closed due to tensions between Iran and the US.
Iran said that a deal with Oman was in its 'final stages,' but reiterated that the waterway would only reopen once Washington met several conditions, including compensation for US attacks on Iran.
The US has not engaged in talks with Iran, and Teheran will not start them as long as Washington breaches an interim deal signed in June, Iranian Foreign Minister Abbas Araqchi said.
The Brent crude futures rose 84 cents, or 1 percent, to $84.39 a barrel by 0424 GMT, while US West Texas Intermediate crude futures rose 60 cents, or 0.75 percent to $78.77 a barrel.