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Oil prices rose as global markets react to ongoing tensions in the Strait of Hormuz and the lack of a clear diplomatic resolution between the U.S. and Iran. Iran has set strict conditions for reopening the waterway, while the U.S. continues to enforce navigation security.
Why it matters
The closure of the Strait of Hormuz significantly impacts global energy supply chains and contributes to market volatility.
Oil prices rose on Monday, as traders continue to assess mixed signals from the U.S. and Iran amid worries that a deal between both countries to open the Strait of Hormuz may not come anytime soon.
Brent crude futures were up 1.4% at $84.70 a barrel as of 7:18 a.m. ET. U.S. West Texas Intermediate futures rose 1.4% to $79.31 per barrel.
Brent Iranian Foreign Minister Abbas Araghchi said that Tehran is not currently in direct talks with the U.S. to end the war with Iran and open the Strait of Hormuz , while Washington earlier asserted that a deal is near.
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