Oil prices rose on Monday amid uncertainty about the timing of the Strait of Hormuz reopening. Brent futures rose by 91 cents to $84.46, while West Texas Intermediate crude increased by 61 cents to $78.79.

Both benchmarks had fallen by more than 7% last week, with hopes that the Islamic Republic and Oman have moved closer to an agreement to reopen the strait.

Tye Waterrer, senior analyst at KCM Trade, said: “Traders have grown accustomed to the highly volatile nature of these negotiations and are waiting for tangible evidence, such as confirmed tanker traffic or official agreements, before cutting their risk exposure further.”