Oil rises over 2% as Iran holds firm on Hormuz reopening terms
Oil prices rose more than 2% on Monday after Iran said it would not soften its conditions for reopening the Strait of Hormuz, after President Donald Trump rejected Tehran’s proposal, keeping uncertainty high over when traffic through the crucial oil shipping route will return to normal. As of 04:31 ET (08:31 GMT), Brent Oil Futures ...
Oil prices surged over 2% on Monday following Iran's insistence on holding firm to its conditions for reopening the Strait of Hormuz. This move came after President Trump rejected Tehran's proposal, leaving uncertainty high regarding when traffic through the crucial oil shipping route would return to normal. Brent Oil Futures for November expiring rose 2.7% to $107.08 per barrel, while West Texas Intermediate (WTI) crude futures gained 2.4% to $94.66 per barrel, with Brent futures up about 18% for the month.
Iran had proposed that the Strait of Hormuz could reopen within seven days while resuming broader negotiations, provided the U.S. lifts its naval blockade, eases military pressure, removes sanctions on Iranian oil sales, and agrees to a ceasefire. Despite Trump's rejection, he reportedly expects negotiations with Iran to resume this week, according to an Axios report.
The Strait, through which about a fifth of global oil and liquefied natural gas supplies moved before the conflict began, has seen a sharp reduction in shipping activity, adding to supply concerns. The situation has also seen an increase in attacks by Iran-backed Houthi forces in Yemen on Saudi Arabia and commercial shipping in the Red Sea, further disrupting the flow of oil.
Brief written by urgent.news from Hellenic Shipping News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.