Oil prices climbed on Monday as uncertainty over the reopening of the strategically vital Strait of Hormuz renewed concerns about global crude supplies.
Brent crude rose about 1% to $84.39 a barrel, while U.S. West Texas Intermediate (WTI) gained around 0.75% to $78.77. The gains came after oil prices fell sharply last week on expectations that an agreement could lead to a swift reopening of the waterway.
The latest market move followed comments from Iran indicating that progress toward