Oil rises on uncertainty over reopening of Hormuz

Singapore: Oil prices increased today on uncertainty over the reopening of the Strait of Hormuz.
Brent crude futures rose 91 cents or 1.09%, to $84.46 a barrel, while US West Texas Intermediate (WTI) 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 nearing an agreement that would lead to the reopening of the Strait of Hormuz, through which one-fifth of the world’s oil passed before the war. (ONA)