Oil Prices Surge Amid Ongoing US-Iran Tensions

Oil prices are on the rise due to uncertainty over US-Iran peace talks and the potential reopening of the Strait of Hormuz, a key global oil transit route.

The Brent crude futures price gained $0.91, or 1.09%, to reach $84.46 per barrel, while US West Texas Intermediate (WTI) crude futures advanced $0.61, or 0.78%, to $78.79 per barrel.

Last week, oil prices declined by over 7% due to expectations of an agreement between Iran and Oman that could facilitate the reopening of the Strait of Hormuz.

Iranian Foreign Minister Abbas Araghchi stated that negotiations with Oman to create a shipping route through the Strait are 'very close', but ruled out direct talks with the US for now, citing Washington's alleged violations of an interim peace agreement reached in June.