Oil prices remained stable on Monday amid waning optimism about the swift resumption of navigation through the Strait of Hormuz. Iran has indicated that the reopening of this crucial waterway hinges on the United States meeting several demands.
As of 09:11 GMT, Brent crude futures climbed by 19 cents to reach $83.74 per barrel, while West Texas Intermediate (WTI) futures edged up by 3 cents, trading at $78.21 per barrel.
Market participants are closely monitoring the situation surrounding the strait, a key global artery for oil transportation, as uncertainty persists regarding when regular navigation will return.
