Crude oil rises as uncertainty over Hormuz reopening continues
At 9:38 am on Monday, October Brent oil futures were $84.44, up 1.07%, and September WTI crude oil futures were $78.84, up 0.84%
Crude oil futures surged on Monday morning due to ongoing uncertainty regarding the reopening of the Strait of Hormuz. At 9:38 am, Brent oil futures reached $84.44, a 1.07% increase, while September crude oil futures (WTI) climbed to $78.84, up 0.84%. August crude oil futures on MCX opened at ₹7511, a 1.17% rise from the previous close of ₹7424, and September futures opened at ₹7440, up 1.11% from ₹7358.
Iranian Foreign Minister Abbas Araqchi stated on Sunday that an agreement with Oman for the Strait's reopening was nearing completion. However, the strait would remain closed until the US addresses Iran's conditions. Araqchi mentioned that Iran and the US are not conducting direct talks, but rather communicate through intermediaries.
Iran's demands include full compensation for war damages, the lifting of all sanctions, and the release of frozen Iranian funds. US President Donald Trump acknowledged that the US is only "semi-negotiating" with Iran, expressing concern over Iran's economic struggles and lack of funds to pay its troops. He also highlighted the US naval blockade's impact on Iran's economic crisis. August natural gas futures on MCX opened at ₹261.20, a 2.19% increase from the previous close of ₹256.60.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
