Global oil prices surged Monday amid growing market anxiety that the crucial Strait of Hormuz will remain blocked despite diplomatic talks.
Brent crude futures gained 91 cents, or 1.09%, to hit $84.46 a barrel, while U.S. West Texas Intermediate (WTI) rose 61 cents, or 0.78%, to $78.79.
The rebound follows a sharp weekly plunge of over 7%. Traders initially priced in optimism over a potential resolution before Tehran issued strict caveats regarding transit access.
Although Iran stated its maritime agreement with Oman is in final stages, Tehran insists the U.S. must meet additional conditions—including compensation demands—before unrestricted commercial passage resumes.
The strategic chokepoint historically handles nearly 20% of global petroleum consumption. Energy analysts warn prices will remain volatile until tankers physically transit safely without geopolitical friction.
