Brent Crude Rises Over 1% as Hormuz Strait Reopening Remains Uncertain
Oil prices climbed on Monday as markets remained on edge over the status of the Hormuz Strait shipping lane. Iran and Oman are reportedly nearing a deal to reopen the route, but Iran continues to press for concessions from the United States. Meanwhile, Houthi rebels launched an attack on Saudi Aramco's Jazan refinery, causing a fire at the facility. Additional Houthi strikes in the Red Sea and Gulf of Aden have further stoked fears over the safety of oil shipments in the region.
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