PERTH: Oil prices rose on Monday on uncertainty over the reopening of the Strait of Hormuz anytime soon, as Iran said a deal with Oman defining new shipping lanes was in its final stages but insisted the U.S. must still meet other conditions.
Brent crude futures rose 91 cents or 1.09%, to $84.46 a barrel by 0056 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.78% to $78.79 a barrel.
Both benchmarks had fallen more than 7% last week on hopes that Iran and Oman were close to reaching a deal that would result in a reopening of the Strait of Hormuz, which carried a fifth of the world's oil before the war.
While Iran said on Sunday that a deal with Oman was in its "final stages", it reiterated that the waterway would only reopen once Washington met other conditions, including U.S. compensation to Iran for its widespread attacks.
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