WTI Soars as Hormuz Uncertainty Persists

Oil prices rose more than 3% on Monday, with West Texas Intermediate (WTI) US Oil trading around $78.80 at the time of writing.

The increase is due to ongoing uncertainty surrounding the Strait of Hormuz, a critical waterway for global energy supplies that accounts for around 20% of global energy supply.

Mohammad Bagher Zolghadr, Secretary of Iran's Supreme National Security Council, has reiterated several conditions for fully reopening the strait, including an end to the US naval blockade and withdrawal of US forces from the region.

Tehran is also demanding compensation for damage caused by recent conflicts, the lifting of sanctions, and the unconditional release of frozen Iranian assets.