Hormuz Deal Still Elusive, Oil Keeps Rising
Oil prices extended gains on Monday as Iran and Oman remained short of a final agreement to reopen the Strait of Hormuz. Brent traded above US$84 per barrel, while WTI hovered close to US$79.
Iranian Foreign Minister Abbas Araghchi said an agreement with Oman on a shipping route through Hormuz was “very close.” However, he stressed that any deal would not automatically lead to a full reopening of the waterway.
Iran also continues to reject direct talks with the United States. Tehran has demanded an end to the U.S. naval blockade, the lifting of sanctions, and compensation for war-related damage before shipping flows can fully return to normal.
The uncertainty is keeping a geopolitical risk premium in oil prices. Before the war, around one-fifth of the world’s oil and natural gas shipments passed through the Strait of Hormuz, making disruptions in the area highly significant for global energy markets.
Security risks also remain elevated. Another tanker operated by ADNOC was reportedly targeted in Hormuz, while Iran-backed Houthi militants claimed an attack on Saudi Arabia’s Jazan refinery. Saudi authorities confirmed a fire at the facility, although the cause was not disclosed.
Source : Newsmaker.id
