Oil Prices Climb On Hormuz Reopening Uncertainty
(RTTNews) - Oil prices traded higher on Monday amid growing doubts that the U.S. and Iran will soon strike a deal to allow vessels to freely transit the critical Hormuz strait.
Brent crude futures were up 1.1 percent at $84.51 a barrel, building on gains of more than 5 percent over the previous three session. WTI crude futures surged 1.4 percent to $79.29.
Iran and Oman remain short of a final deal as Tehran demanded major U.S. concessions, including compensation, the lifting of sanctions, and an end to military threats, before reopening the Strait of Hormuz, a critical waterway for global energy supplies.
Tehran's new demands raised concerns that U.S. President Donald Trump may relaunch the military option that he shelved only days ago.
However, in an interview with Axios on Sunday, Trump signaled patience and suggested that he's prepared to allow economic pressure on Iran to mount rather than escalate militarily.
Amid signs the Strait of Hormuz will not return to normal anytime soon, Iran's parliamentary Committee on National Security and Foreign Policy has approved its own bill on managing the Strait of Hormuz.
Elsewhere, Iran-aligned Houthi forces have attacked Saudi Aramco's Jazan refinery, two days after the kingdom signed a defense pact with Turkey and Pakistan.
UAE-based Abu Dhabi National Oil Company said 15 of its vessels had come under attack while transiting the Strait of Hormuz since the conflict began.
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