Brent crude climbed above $84 per barrel on Monday, extending its rally for a fourth straight session as ongoing uncertainty over the Strait of Hormuz continued to underpin prices. Iran and Oman have yet to finalize an agreement to reopen the vital shipping lane, and mixed signals from Tehran and Washington have cast doubt on how quickly any deal might be achieved.
Iranian Foreign Minister Abbas Araghchi said Tehran is not currently engaged in direct talks with the United States and reiterated that reopening Hormuz would require Washington to lift its blockade on Iranian shipping and provide compensation for related damages. His remarks contrasted with earlier US suggestions that an agreement was near, while President Donald Trump said Washington was now “low-keying it.”
In parallel developments, Iran-aligned Houthi militants in Yemen claimed responsibility for an attack on Saudi Arabia’s Jazan refinery, and a tanker operated by Abu Dhabi National Oil Co. was attacked in the Strait of Hormuz over the weekend.
