Global oil prices rose on Monday as uncertainty persisted over the reopening of the Strait of Hormuz after Iran reiterated that the United States must fulfil additional conditions before maritime traffic through the strategic waterway resumes.
Brent crude futures rose 84 cents, or 1 percent, to $84.39 a barrel by 04:24 GMT, while US West Texas Intermediate (WTI) crude futures gained 60 cents, or 0.75 percent, to $78.77 a barrel.
The gains followed a sharp decline last week, when both benchmarks fell more than 7 percent on expectations that negotiations between Iran and Oman would lead to an agreement to reopen the Strait of Hormuz, a route that carries around one-fifth of global oil shipments.
Iran said on Sunday that discussions with Oman had entered the final stages of an agreement on new shipping lanes. However, Tehran maintained that the Strait of Hormuz would only reopen after the US complied with additional conditions.
According to Iran, these conditions include compensation for US attacks on Iranian territory, adding another layer of uncertainty to negotiations despite reported progress on maritime arrangements.
The Strait of Hormuz remains one of the world's most strategically important energy chokepoints, and any delay in restoring normal shipping operations continues to influence global oil market sentiment.
