Oil Prices Rise as Iran Hardens Hormuz Demands

AI Summary

Oil prices rose as Iran set 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 per barrel, reflecting regional tensions influencing supply.

Crude oil prices began this week with a gain following a statement by Iran setting six demands for a peace deal with the United States and claims from the Houthis that they had struck an Aramco refinery in Jazan. At the time of writing, Brent crude was trading at $84.24 per barrel, with West Texas Intermediate changing hands for $78.70 per barrel. Both benchmarks are off their spring peaks but still elevated from pre-war times. Iran said over the weekend that it will only reopen the Strait of Hormuz if the United States meets six sweeping demands,…