Oil rises on uncertainty over reopening of Hormuz

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 US must still meet other conditions. Brent crude futures rose 91 cents or 1.09%, to $84.46 a barrel by 0056 GMT, while US 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.