Oil climbs amid Strait of Hormuz concerns
Oil prices rose today, Monday, amid ongoing uncertainty over the reopening of the Strait of Hormuz, following Iran's announcement that an agreement with Oman is close to being reached regarding the designation of new shipping routes through the strait, which is one of the world's most important oil passages. Brent crude increased by 0.87% to $84.28 per barrel, while West Texas Intermediate rose by 0.69% to $78.72 per barrel, after more than two weeks of decline. Iran has conditionally stated that it will reopen the strait only if it receives compensation from the United States. Meanwhile, Tehran has confirmed that it will not engage in new talks with Washington as long as the U.S. continues to violate previous agreements, adding to the uncertainty in the global oil market.
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