Oil gains as Strait reopening doubts rise

Oil prices rose on Monday due to continued uncertainty surrounding the reopening of the Strait of Hormuz. Iran has conditioned its reopening on several demands, including compensation for its attacks. Brent crude increased by $0.84 to reach $84.39 per barrel, while U.S. West Texas Intermediate rose by 0.75% to $78.77, after both quoted prices fell more than 7% last week amid expectations of a potential agreement between Iran and Oman to end the closure of the strait.

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