Oil climbs over 1 percent

Oil prices rose today amid ongoing uncertainty surrounding the reopening of the Strait of Hormuz. Brent crude reached $84.40, an increase of 1%, while West Texas Intermediate traded at $78.77 per barrel. Iran has stipulated several conditions for the United States to open this strategic waterway, including compensation payments. Before the war, the Strait saw a traffic of 5 million barrels per day. The market continues to fluctuate between optimism about reaching an agreement and Iran’s conditions that hinder the final reopening of the strait.

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