🔻Oil Prices Rise Amid Ongoing Uncertainty About the Opening of the Strait of Hormuz

🔻Oil Prices Rise Amid Ongoing Uncertainty About the Opening of the Strait of Hormuz

According to Reuters, as Asian markets reopened after the weekend holidays and amid continued uncertainty about the reopening of the Strait of Hormuz, oil prices rose.

At the time this report was prepared, the Brent crude oil futures contract was up 91 cents at $84.46 per barrel, while the U.S. West Texas Intermediate (WTI) crude oil futures contract was also up 61 cents at $78.79 per barrel.

Both oil benchmarks had experienced a drop in prices of more than 7% last week, a decline driven by hopes that Iran and Oman could reach an agreement that could lead to the reopening of the Strait of Hormuz.