22 Hrs
Source:
عين ليبيا
Oil prices steady after Hormuz impasse
Oil prices slightly increased during Monday's trading session after more than a 7% decline last week due to uncertainty surrounding Iran's conditions for opening the Strait of Hormuz, one of the most vital routes for global energy trade. Developments suggest that Iran's negotiations with Oman have reached the "final stages," but opening the strait is contingent upon meeting Iranian demands, including compensation claims from the United States for previous attacks. The ongoing tensions continue to create uncertainty in the oil markets, with countries like Pakistan moving to bolster their national reserves as a precaution in case the strait remains closed and global supplies are affected.
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