Oil prices rose during trading on Monday, August 10, driven by ongoing uncertainty surrounding the reopening of the Strait of Hormuz.
Reuters reported that Brent crude futures increased by 84 cents, or 1 percent, reaching $84.39 per barrel. U.S. West Texas Intermediate (WTI) crude also rose by 60 cents, or 0.75 percent, trading at $78.77 per barrel.
Both oil benchmarks had dropped over 7 percent last week following growing optimism over an agreement between Iran and Oman to reopen the Strait of Hormuz, a vital maritime route through which roughly one-fifth of the world's oil passed before the outbreak of war.
The Islamic Republic announced on Sunday that negotiations with Oman to establish new shipping routes in the Strait of Hormuz had reached their "final stages."
However, Tehran emphasized that reopening the strait remains contingent on Washington fulfilling additional conditions, including paying reparations for extensive U.S. military strikes on Iran.
