Reuters: Diminishing hopes of opening Hormuz send oil prices higher

Reuters news agency reported on Monday that oil prices have returned to rising as hopes for a swift reopening of the Strait of Hormuz diminish, amid the continued conflict between America and Iran.

Exclusive Follow-ups – Al-Khabar Al-Yemeni:

Reuters indicated that “Brent crude futures rose 84 cents, or 1%, to $84.39 per barrel, while US West Texas Intermediate crude rose 60 cents, or 0.75%, to $78.77.”

Both benchmarks had fallen by more than 7% last week, as hopes grew that Iran and the Sultanate of Oman were close to reaching an agreement that would pave the way for the reopening of the Strait of Hormuz, through which about a fifth of global oil supplies passed before the war.

The latest rise came after ships described as violating Iranian navigation rules in the strait were targeted, as the war continues for about six months, closing one of the world’s most important strategic energy passages.