Oil prices jumped 3% on Monday after Iran said the U.S. must lift sanctions on Tehran, pay reparations and meet a number of other conditions before the Strait of Hormuz is reopened.Brent crude futures
Oil prices jumped 3% on Monday after Iran said the U.S. must lift sanctions on Tehran, pay reparations and meet a number of other conditions before the Strait of Hormuz is reopened.
Brent crude futures were up $2.48, or 3%, at $86.03 a barrel by 10:44 a.m. EDT (1444 GMT). U.S. West Texas Intermediate crude futures were up $2.43, or 3.1%, at $80.61.
Both benchmarks fell 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, which carried a fifth of the world's oil and liquefied natural gas before the start of the Middle East conflict in late February.
Iran said it was nearing a final pact with Oman to define new shipping lanes through the strait but repeated that the U.S. must meet other conditions, including compensation and an end to sanctions and military threats before the strategic waterway is reopened.
Iran and the U.S. are not currently engaged in talks. Tehran will not start them while Washington is in breach of an interim deal signed in June, Iranian Foreign Minister Abbas Araqchi said on Sunday.
"Crude futures (are) seeing gains in the
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