Oil Prices Surge on Hormuz Uncertainty, Brent Crude Hits $84.7

Oil prices rose on Monday as uncertainty over the reopening of the Strait of Hormuz persisted. Brent crude futures increased by $1.12 cents, or 1.5%, to $84.7 a barrel, while US West Texas Intermediate crude futures gained 94 cents, or 1.07%, to $79 a barrel.

The rise in prices follows last week's drop of more than 7% as expectations grew that Iran and Oman were nearing an agreement to reopen the waterway, through which a fifth of the world's oil is transported. However, Iranian Foreign Minister Abbas Araqchi stated on Sunday that Tehran and Washington were not holding talks and that Iran would not enter negotiations as long as the US continued to breach an interim deal signed in June.

The supply concerns were further heightened after a Saudi oil facility was attacked over the weekend by the Iran-aligned Houthis. The UAE's ADNOC reported on Friday that 15 of its vessels had come under attack while transiting the Strait of Hormuz since the conflict began.