WTI jumps over 6% on supply concerns
West Texas Intermediate (WTI) prices rose more than 6% on Monday, driven by uncertainty over the reopening of the Strait of Hormuz.
The price increase erased last week’s losses, with WTI trading around $81.15 per barrel near a one-week high.
Iran is seeking greater control over shipping routes and is demanding the US lift its naval blockade, as well as sanctions relief and security guarantees, before agreeing to reopen the waterway.
The US-Iran diplomacy appears to be at a stalemate, with no final agreement announced on the temporary restoration of shipping through the Strait of Hormuz, which was initially expected after reports of an agreement between Iran and Oman.