24 Hrs
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المشهد العربي
Oil rises on Hormuz Strait outlook
Oil prices increased after Iran demanded that the United States lift sanctions, pay compensation, and cease military threats in order to reopen the Strait of Hormuz. Iran emphasized the need to fulfill these conditions before allowing navigation through the strategic passage. This came after oil prices fell by more than 7% last week amid hopes of reaching a deal between Iran and Oman to resume traffic through the strait. Additionally, the oil market experienced notable gains, with Brent crude rising to $87.19 per barrel and WTI reaching $81.59, as U.S. strategic oil reserves declined to their lowest level in four decades.
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