Iran’s six demands for reopening the Strait of Hormuz and Houthi attacks on Saudi refineries lift crude prices above pre-war levels.
Oil benchmarks climbed Monday after Iran issued six demands for reopening the Strait of Hormuz and Houthis claimed an attack on an Aramco refinery in Jazan. Brent crude traded at $84.24 a barrel, while West Texas Intermediate reached $78.70.
Both contracts remain below spring highs but are elevated compared to pre-war levels. Iran’s weekend statement linked Hormuz access to U.S. concessions, adding geopolitical risk to supply concerns.
No immediate market reaction data was provided, though tensions typically support crude prices.