Oil prices rise as reopening of Strait of Hormuz remains uncertain

BAGHDAD, Iraq — Oil prices climbed on Monday, with Brent crude gaining $0.91, or 1.09%, to $84.46 a barrel, and U.S. West Texas Intermediate rising $0.61, or 0.78%, to $78.79 a barrel. The increase followed a weekly decline of more than 7% driven by expectations of a deal that could restart tanker traffic through the Strait of Hormuz between Iran and Oman. Iran said it had reached the final stage of an agreement with Oman on new ship passage routes, but stressed that the reopening of the waterway still depends on other conditions being met. The statement left uncertainty hanging over oil markets, with traders weighing the prospect of restored flows against the lack of a formal deal. Tim Waterer, a market analyst at KCM Trade, said investors were waiting for concrete evidence, such as tanker movements or an official agreement, before removing the risk premium from prices. Separately, Saudi Aramco's Jizan refinery came under attack over the weekend, while the UAE's ADNOC reported that 15 of its tankers passing through the Strait of Hormuz have been attacked since the conflict began.