Oil gains 2% as Strait reopening dims
Oil prices rose by nearly 2% today, Monday, after Iran insisted on the United States meeting its demands before reopening the Strait of Hormuz. Brent crude increased to $84.95 per barrel, and West Texas Intermediate to $79.51, amid decreased hopes of a quick agreement due to Iran's conditions, which include ending sanctions and receiving compensation without direct talks with Washington. The market considers that current prices reflect optimism about a forthcoming diplomatic breakthrough, but any limited progress could lead to a decline or disruptions that may cause prices to rise rapidly.
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