Oil rises on uncertainty over reopening of Hormuz Benchmarks had fallen more than 7 per cent last week on hopes that Iran and Oman were close to reaching a deal. World 1 hour ago
Oil prices rose on Monday on uncertainty over the reopening of the Strait of Hormuz anytime soon, as Iran said a deal with Oman defining new shipping lanes was in its final stages but insisted the US must still meet other conditions.
Both benchmarks had fallen more than 7 per cent last week on hopes that Iran and Oman were close to reaching a deal that would result in a reopening of the Strait of Hormuz, which carried a fifth of the world's oil before the war.
While Iran said on Sunday that a deal with Oman was in its "final stages", it reiterated that the waterway would only reopen once Washington met other conditions, including U.
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