Oil prices rose as uncertainty persisted over the reopening of the Strait of Hormuz, a key route for global energy shipments. The move followed conflicting signals about the prospects for an agreement involving Iran and the United States.
Iran has reportedly maintained its position on the strait while pressing for a return to a June memorandum of understanding. It has also said that a deal facilitated by Oman is in its final stages, but that the United States must take action before Hormuz can be fully reopened.
The developments have fueled uncertainty over how and when shipping through the waterway might return to normal. Former U.S. Defense Secretary Mark Esper criticized Iran’s demands for a complete reopening as “ridiculous,” adding to the public dispute over the terms of any agreement.
Market participants are watching the negotiations for signs of progress, with the unresolved situation continuing to influence expectations for oil supplies and prices.
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