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الراي
Oil gains amid Strait of Hormuz uncertainty
Oil prices rose modestly today, Monday, amid uncertainty surrounding the reopening of the Strait of Hormuz. Iran announced that progress is being made in an agreement with Oman regarding a new shipping corridor, but the United States still demands additional conditions, including compensation for Iran over previous attacks. Brent crude increased by 1.09% to reach $84.46 per barrel, while West Texas Intermediate rose to $78.79. Last week, oil prices had fallen by over 7%, amid hopes of reaching an understanding that would reopen the strait. However, it remains closed until Washington fulfills its conditions, which continues to maintain uncertainty and tension in the energy markets.
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