Oil price today: Brent crude jumps over 1% as traders await Hormuz reopening
Brent crude oil prices rose over 1% as uncertainty persists regarding the reopening of the Strait of Hormuz. Negotiations between Iran and the US remain stalled, while regional tensions continue to impact energy infrastructure.
Why it matters
The Strait of Hormuz is a critical global oil chokepoint, and instability there directly affects international energy markets and prices.
Oil prices rose over 1% on Monday as prospects of reopening Hormuz remained stuck in limbo. Brent crude gained 1.32% to $84.65 a barrel, around 7:30 am IST while WTI crude rose 1.04% to $78.99 a barrel.The rise came after both benchmarks fell more than 7% last week on expectations that Iran and Oman were close to reaching an agreement that could restore shipping through the strait. The waterway carried a fifth of the world's oil before the war.In the Middle East, Iran and Oman are close to a shipping-lane deal but Tehran is demanding more from Washington first. Earlier on Sunday, Iranian foreign minister Abbas Araqchi said that the agreement with Oman was in its "final stages".
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