Commodities
WTI OIl Price Gains as Strait of Hormuz Talks Near Agreement
The West Texas Intermediate (WTI) oil price has gained ground after losing nearly 1.5% in the previous trading day, hovering around $79.40 per barrel during Asian hours on Monday.
Persistent uncertainty surrounding efforts to reopen the critical Strait of Hormuz is driving the advance, as talks between Iran and Oman are nearing an agreement but not expected to result in an immediate reopening.
Regional security remains fragile, with Iran-backed Houthi militants in Yemen claiming a recent attack on Saudi Arabia's Jazan refinery, and a tanker operated by the Abu Dhabi National Oil Co. coming under attack in the Strait.