Oil climbs as Hormuz tensions persist
Oil prices rose slightly amid ongoing uncertainty regarding the reopening of the Strait of Hormuz. Iran indicated that the United States must meet certain conditions, including paying compensation for its attacks. Brent crude increased by $0.83 to reach $84 per barrel, while West Texas Intermediate rose by $0.60 to $78.22, after experiencing declines of over 7% the previous week due to expectations of upcoming negotiations between Iran and Oman about reopening the strategic waterway. Iran’s conditions, including U.S. compensation, keep the market in a state of anticipation and uncertainty.
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