Oil Prices Rise Again as Uncertainty Grows Over Strait of Hormuz

Global crude oil prices rose again as uncertainty mounted over when the Strait of Hormuz will reopen.

Despite talks between Iran and Oman, there is still no clear timeline for reopening the key shipping route, raising concerns in international energy markets.

According to Reuters, by 12:56 a.m. Bangladesh time, Brent crude had risen 91 cents, or 1.09%, to $84.46 a barrel. At the same time, U.S. West Texas Intermediate (WTI) crude gained 61 cents, or 0.78%, to $78.79 a barrel.

Oil prices had fallen by more than 7% last week amid expectations that the Strait of Hormuz could soon reopen following a possible understanding between Iran and Oman.

The Strait of Hormuz is one of the world's most important oil shipping routes. Before the conflict began, roughly one-fifth of global oil supplies passed through the strait. Any disruption or uncertainty surrounding the route can therefore have a significant impact on global energy prices.

The United Arab Emirates' state-owned oil company ADNOC said 15 of its vessels had been attacked in the Strait of Hormuz since the conflict began.

With Iran reportedly maintaining several conditions for any agreement and attacks continuing, concerns over the stability of oil supplies have contributed to renewed volatility in the global crude market.