Oil Prices Surge Amid Uncertainty Over Hormuz Deal

Oil prices rose Monday as uncertainty grew over a potential deal between the U.S. and Iran to increase ship traffic through the Strait of Hormuz.

The price of West Texas Intermediate futures climbed 2.9% to $80.42 per barrel, while Brent crude, the international benchmark, was up 2.8% to $85.87 a barrel.

President Donald Trump told Axios on Sunday that the U.S. is 'only semi-negotiating' with Iran, after he insisted last week that Washington and Tehran were in fact holding talks.

Treasury Secretary Scott Bessent had previously indicated that a deal to open Hormuz could come soon, but an agreement still has not been announced as Tehran's and Washington's positions have hardened.