Strait of Hormuz Uncertainty Drives Brent Crude to $84.46

Global crude oil prices have risen on Monday, driven by ongoing uncertainty over the Strait of Hormuz. The price surge has pushed Brent crude futures up to $84.46 per barrel, a 1.09% increase from previous levels. US West Texas Intermediate (WTI) also gained ground, reaching $78.79 per barrel with an 0.78% rise.

The Strait of Hormuz is a critical shipping route that connects the Persian Gulf to the global economy. The current uncertainty surrounding its reopening has raised concerns about supply risks. Tehran has stated that the strait will only reopen once the US fulfills additional demands, including war damages.

The situation was further complicated by reports of Houthi strikes on Saudi Aramco's Jizan refinery and attacks on 15 vessels belonging to Abu Dhabi National Oil Company (ADNOC).