ALWAGHT- Oil prices rose as Asian markets reopened after the weekend, with uncertainty continuing over when the Strait of Hormuz will reopen.
Oil prices rose as Asian markets reopened following the weekend, with continued uncertainty over the reopening of the Strait of Hormuz supporting prices. Brent crude gained 1.09% to $84.46 a barrel, while US West Texas Intermediate rose 0.78% to $78.79.
Both benchmarks had fallen more than 7% last week amid hopes of an agreement between Iran and Oman over the strategic waterway, through which around one-fifth of global oil previously transited. Tehran says talks with Oman are nearing completion but maintains that Washington must meet several conditions before the strait can reopen.
