Oil prices climb as Strait of Hormuz reopening remains uncertain
Oil prices rose today due to the prevailing uncertainty surrounding the potential reopening of the Strait of Hormuz soon. Brent crude futures increased by 1.09% to $84.46 per barrel, while West Texas Intermediate (WTI) crude rose by 0.78% to $78.79 per barrel. This climb comes after a previous decline of over 7% last week, amid hopes that Iran and Oman will reach an agreement that could allow for the reopening of the strait, through which about one-fifth of the world's oil passes before the war.
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