WTI Oil Jumps on Ongoing Strait of Hormuz Uncertainty

West Texas Intermediate (WTI) oil prices jumped over 6% on Monday to around $81.15 per barrel, its highest in a week, due to ongoing uncertainty over the reopening of the Strait of Hormuz.

The waterway, through which Iran and Oman are negotiating to restore shipping routes, remains closed, keeping supply concerns and geopolitical risks firmly in place.

Iranian Foreign Minister Abbas Araghchi announced that talks with Oman on defining new shipping lanes are in their final stages, but Tehran has stressed that an agreement on shipping routes alone will not reopen the waterway.