Oil prices rose on Monday amid mounting uncertainty regarding the reopening of the Strait of Hormuz. Brent crude surpassed $84 per barrel. U.S. West Texas Intermediate (WTI) crude approached $80 per barrel.
Iran announced the waterway will remain closed until the U.S. fulfills specific conditions. This development follows reports that a separate agreement with Oman to establish new shipping lanes is nearing completion.
The Strait of Hormuz facilitates approximately 20% of global oil consumption. Persistent geopolitical tensions maintain a risk premium on energy prices, affecting major producers including Exxon Mobil and Chevron.