Oil prices climb over 1% amid Strait of Hormuz uncertainty
Business
Oil prices jumped over 1% on Monday morning, with Brent at $84.65 and WTI at $78.99 per barrel.
The reason? Uncertainty around when the Strait of Hormuz, a key route for global oil, will reopen.
Last week, prices actually dropped more than 7% because people were hopeful about Iran-Oman talks bringing oil shipments back through this vital passage.
Iran: Oman shipping deal almost ready
Iran's foreign minister says a deal with Oman to open new shipping lanes is almost ready, but it hinges on the US easing sanctions and dialing down military threats, so negotiations are still in limbo.
Meanwhile, things got even more tense after Houthi rebels attacked a Saudi Aramco refinery on Sunday (no injuries reported), making oil markets even shakier as attacks on shipping routes continue.