Oil rises as Strait of Hormuz reopening remains uncertain
Oil prices are climbing again because the reopening of the Strait of Hormuz, a major route for global oil shipments, is still up in the air.
Iran says talks with Oman about new shipping routes are moving forward, but nothing is final since more US conditions need to be met.
Brent crude is now at $84.46 per barrel, and US WTI sits at $78.79.
Houthi militants claim, ADNOC tanker targeted
The Strait of Hormuz carried around one-fifth of the world's oil supply before the war, so any uncertainty here shakes up global markets.
Last week, prices actually dropped on rumors that a deal was close, but Iranian officials now say reopening is not happening soon.
Meanwhile, things have gotten tenser with Houthi militants in Yemen claiming responsibility for an attack on Saudi Arabia's Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. was targeted in the Strait of Hormuz over the weekend, reminding everyone how fragile energy supplies can be when regional disputes heat up.