Oil Prices Steady as Iran Cools Hopes of Swift Hormuz Reopening
Oil prices remained steady on Monday as optimism over talks to reopen the Strait of Hormuz was tempered by Iran's insistence that the United States must satisfy several demands before the waterway could reopen.
The Brent crude futures stood at $83.74 a barrel, up 19 cents, while U.S. West Texas Intermediate crude futures were up 3 cents at $78.21. The optimism over talks to reopen the Strait of Hormuz led to a decline in oil prices last week, with both benchmarks falling more than 7%.
Iran's insistence that the United States must satisfy several demands before the waterway could reopen has put a damper on hopes for swift reopening of the Strait. Iran said on Sunday that a deal with Oman was in its final stages, but it reiterated that the waterway would only reopen once Washington met other conditions.
The Iranian Foreign Minister Abbas Araqchi said on Sunday that Tehran will not start talks as long as Washington breaches an interim deal signed in June. The attack by the Iran-aligned Houthis on Saudi Aramco's Jazan refinery on Sunday has further threatened supply disruptions.