Brent crude rose 1.44% and U.S. crude gained 1.08% on Monday as uncertainty continued over the reopening of the Strait of Hormuz. Iran said a shipping-lane deal with Oman was in its final stages, though the U.S. still has other conditions to meet. Unconfirmed reports also described an Iranian missile strike on a tanker in the strait.
Crude oil prices rose on Monday as uncertainty continued over the reopening of the Strait of Hormuz. Iran said a deal with Oman to define new shipping lanes through the strait was in its final stages, though the U.S. still had other conditions to meet.
By 2206 GMT, Brent crude had gained $1.20, or 1.44%, to $84.79 a barrel. Meanwhile, U.S. West Texas Intermediate rose $1.12, or 1.08%, to $79.29.
Separately, unconfirmed reports described an Iranian missile strike on a tanker in the Strait of Hormuz that set the vessel on fire, according to InvestingLive. Futures had also opened around 2% higher on Globex at the start of the week's trading, following a tense weekend.
Sources: Investing.com, InvestingLive (snippet-based)
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