Crude opened firmer after reports suggested Iran had closed the Strait of Hormuz. However, this then reversed on a joint mediator statement, Brent currently in the red.

Oil prices surged Monday as shipping through the Strait of Hormuz slowed amid escalating tensions. Talks between U.S. and Iranian officials began on a rocky note, with Iran citing…

Crude opened firmer after reports suggested Iran had closed the Strait of Hormuz. However, this then reversed on a joint mediator statement, Brent currently in the red.