Oil rises on uncertainty over reopening of Hormuz

Oil prices rose on Monday on uncertainty over the reopening of the Strait of Hormuz anytime soon, as ​Iran said a deal with Oman defining new shipping lanes was ‌in its final stages but insisted the U.

Both ​benchmarks had fallen more than 7% last week on hopes that ⁠Iran and Oman were close to reaching a deal that would result ​in a reopening of the Strait of Hormuz, which carried a fifth of ​the world's oil before the war.

While Iran said on Sunday that a deal with Oman was in its "final stages", it reiterated that the waterway would only reopen once Washington met other ​conditions, including U.