Oil prices climb amid ongoing uncertainty over Hormuz Strait reopening

Oil prices rose in early trading on Monday as uncertainty continued over the reopening of the Strait of Hormuz. Iran stated that its agreement with Oman to establish new shipping lanes is in its final stages, but the United States is still required to meet additional conditions.

Brent crude futures gained $1.20, or 1.44 percent, to reach $84.79 by 22:06 GMT, while US West Texas Intermediate crude rose $1.12, or 1.08 percent, to $79.29.