Oil prices remain volatile as confusion over the Strait of Hormuz persists, with Iran and the U.S. issuing conflicting statements about whether the key shipping route is open or closed.

"Will the Iranian announcement be enough to deter them? Or will Iran need to resort to force and directly violate the MOU's terms?"

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…