Global oil prices opened higher on Monday as uncertainty over the reopening of the Strait of Hormuz renewed concerns about global energy supplies.
Asian trading resumed after the weekly market holiday with crude prices moving higher. Investors remained focused on developments surrounding the strategic waterway.
Brent crude increased by 91 cents per barrel to reach $84.46. West Texas Intermediate (WTI) crude also gained 61 cents to $78.79 per barrel.
The latest gains came after both major oil benchmarks dropped by more than seven percent last week. Markets had earlier reacted positively to hopes of an agreement between Iran and Oman.
The potential agreement was seen as a possible step toward restoring shipping through the Strait of Hormuz. However, uncertainty over the reopening has now returned to the market.
The Strait of Hormuz is one of the world’s most important routes for international oil shipments. Any prolonged disruption or uncertainty can affect global supply expectations.
The renewed price gains show how closely oil markets are following developments around the waterway. Traders are also assessing the potential impact of diplomatic efforts involving Iran and Oman.
According to the latest market figures, WTI crude was trading around $78.53 per barrel, while Brent crude stood near $83.97.
Murban crude was reported at around $80.25 per barrel. Natural gas was trading near $2.759, while gasoline stood around $3.017.
The latest movements come after a sharp decline in oil prices during the previous week. The fall was partly linked to expectations that shipping through Hormuz could resume.
The reversal at the start of the new trading week highlights the sensitivity of energy markets to developments surrounding the strategic waterway.
For traders, the key question is whether ongoing diplomatic efforts can produce a breakthrough. A reopening could ease supply concerns and reduce pressure on crude prices.
However, continued uncertainty could keep a risk premium in international oil prices. This could have wider implications for energy costs and economies that depend heavily on imported fuel.
Markets are expected to closely monitor further developments between Iran and Oman. Any progress toward restoring commercial shipping could influence crude prices in the coming sessions.
