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Brent crude oil rose above $84 per barrel on Monday, extending gains for a fourth consecutive session as uncertainty over the Strait of Hormuz continued to support prices. Iran and Oman have yet to finalize an agreement to reopen the strategic waterway, while conflicting signals from Tehran and Washington have raised doubts over how quickly a deal could be reached. Iranian Foreign Minister Abbas Araghchi said Tehran is not currently holding direct talks with the US and reiterated that reopening Hormuz would require Washington to lift its blockade of Iranian shipping and provide compensation for damages. This contrasts with earlier US indications that an agreement could be close, while President Donald Trump said Washington was now “low-keying it.” Elsewhere, Iran-backed Houthi militants in Yemen claimed an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. came under attack in Hormuz over the weekend.
