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Oil prices rose as markets reopened Monday after reports emerged that the United States had adopted a tougher negotiating position in its talks with Iran aimed at ending the Middle East conflict.
US benchmark West Texas Intermediate (WTI) crude increased by 2.5 percent to $89.60 per barrel as trading resumed.
Brent crude, the international benchmark, also gained ground, rising about 2.2 percent to $93.16 per barrel for August delivery.
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The rebound follows a sharp decline in oil prices last week, when crude fell by more than 11 per cent following growing optimism that a peace agreement between Washington and Tehran could reopen the Strait of Hormuz.
The strategic waterway, through which a substantial share of the world’s oil supply passes, has remained a key focus for energy markets throughout the conflict.
However, investor sentiment shifted over the weekend after reports from The New York Times and other US media outlets indicated that President Donald Trump had returned a revised memorandum of understanding to Tehran containing several tougher negotiating conditions.
The reports raised concerns that an agreement may take longer to reach than previously anticipated, increasing uncertainty over the future of oil exports and shipping through the Gulf region.
Analysts say any delay in securing a peace deal or reopening the Strait of Hormuz could continue to support higher oil prices, given the route’s critical role in global energy supplies.
