Oil prices increase on Strait concerns

Oil prices rose by nearly 2% today, Monday, after Iran insisted on having its demands met by the United States in order to reopen the Strait of Hormuz. Consequently, the futures contracts for Brent crude increased to around $84.95, while West Texas Intermediate futures rose to $79.51, following a significant decline last week due to hopes of reaching an agreement through Omani mediation to reopen the strait. Although Iran is nearing an agreement with Muscat on new shipping routes, it has conditioned ending sanctions and receiving compensation from Washington. Meanwhile, there are no direct negotiations with the U.S. continuing. Analysts believe that ongoing diplomatic progress will put downward pressure on prices, whereas any deterioration or failure in negotiations could lead to sharp increases in the market.

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