Global oil markets opened higher on Monday as lingering uncertainty over reopening of Strait of Hormuz sent fresh jitters through energy markets.
After weekly market holiday, Asian trading resumed with crude prices climbing as investors remained focused on developments surrounding the key maritime chokepoint and the prospects for its reopening.
In the latest trading, Brent crude rose 91 cents per barrel to $84.46, while West Texas Intermediate (WTI) crude gained 61 cents to $78.79 per barrel, reflecting renewed concerns over potential disruptions to global oil supplies. The latest gains come after both major international benchmarks slumped by more than 7% last week, as hopes grew that an agreement between Iran and Oman could pave the way for the Strait of Hormuz to reopen.
Global Oil Prices
| Indexes | Last | Change |
|---|---|---|
| WTI Crude | $78.53 | +$0.35 |
| Brent Crude | $83.97 | +$0.42 |
| Murban Crude | $80.25 | +$0.72 |
| Natural Gas | $2.759 | +$0.097 |
| Gasoline | $3.017 | +$0.032 |
The renewed uncertainty now reversed some of that optimism, putting the Strait of Hormuz back at the center of global energy-market concerns.
The waterway is a critical route for international oil shipments, meaning any prolonged uncertainty surrounding its reopening can quickly ripple through crude markets and raise concerns about supply security.
The conflicting signals from the oil market, a sharp decline last week followed by fresh gains at the start of the new trading week, underscore how heavily prices are being driven by developments surrounding Hormuz.
For traders, the key question remains whether diplomatic efforts involving Iran and Oman will produce a breakthrough capable of restoring traffic through the waterway, or whether uncertainty will continue to keep a risk premium embedded in global crude prices.
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