Oil prices rose due to delays in the opening of the Strait of Hormuz, which affected energy markets.
On Monday, August 10, Brent crude rose by 1% to $84.39 per barrel, while WTI increased by 0.75% to $78.77. This was a result of Iran demanding that the US meet conditions for opening the important maritime route, according to Reuters.
Last week, oil prices sharply declined due to hopes of an agreement between Iran and Oman, which could have restored shipping through the Strait of Hormuz. However, Iran emphasized that navigation would resume only after the US met certain conditions, including compensation for previous attacks.
The situation was further impacted by an attack on the Saudi Aramco refinery in Jizan, carried out by Iran-backed Houthis. This occurred following the signing of a defense pact by Saudi Arabia with Turkey and Pakistan.
This situation casts doubt on the efforts of President Donald Trump’s administration to stabilize relations with Iran. The uncertainty surrounding the Strait of Hormuz raises concerns in the markets, as it is one of the key routes for oil transportation in the world.
| Brand | Price per Barrel | Price Change |
| Brent | $84.39 | +1% |
| WTI | $78.77 | +0.75% |
