Oil prices climb amid uncertainty over reopening of Strait of Hormuz

Oil prices rose on Monday as uncertainty continued over the reopening of the Strait of Hormuz, with Iran stating that the United States must meet several conditions, even as Tehran and Muscat entered the final stages of an agreement on new shipping corridors.

Brent crude futures gained 84 cents, or 1 percent, to reach $84.39 a barrel by 04:24 GMT, while US West Texas Intermediate crude rose 60 cents, or 0.75 percent, to $78.77 a barrel.