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Oil climbs as Strait of Hormuz outlook remains uncertain
Oil prices rose today Monday amid ongoing uncertainty surrounding the reopening of the Strait of Hormuz. Iran announced that an agreement is close to being reached with Oman regarding new navigation corridors; however, this has not yet satisfied U.S. demands for additional conditions, including compensation for Iranian attacks. Brent crude futures increased to $84.28 per barrel, a rise of 0.87%, while West Texas Intermediate (WTI) climbed to $78.72 per barrel, up 0.69%. Prices had fallen by more than 7% last week amidst expectations that an agreement could be reached to reopen the strategic passage through which 50% of the world's oil was transported before the war. The U.S. stance remains unclear, with demands for extra conditions before reopening the strait, including compensation for previous attacks.
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