Now Reading: Brent crude nears $85 as Hormuz reopening stays uncertain
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Brent crude nears $85 as Hormuz reopening stays uncertain
Brent crude rose 91 cents to $84.46 a barrel on Monday as uncertainty over reopening the Strait of Hormuz persisted. Both Brent and WTI had fallen more than 7% last week on…
The Story in Brief
Brent crude rose 91 cents to $84.46 a barrel on Monday as uncertainty over reopening the Strait of Hormuz persisted. Both Brent and WTI had fallen more than 7% last week on hopes that Iran and Oman were close to a deal. Iranian foreign minister Abbas Araqchi said the pact on new shipping lanes was in its final stages, but insisted the US must meet conditions including compensation and sanctions removal before the waterway reopens. Meanwhile, Houthi rebels claimed an attack on Saudi Arabia's Jazan refinery, and ADNOC reported 15 vessels attacked in the Strait. In India, petrol and diesel prices remained unchanged since May 25, with petrol at ₹102.12 in Delhi.
The Indian Opinion
The narrative that a Hormuz deal is imminent keeps pushing oil prices up or down, but the latest jump is modest compared to earlier war spikes. Markets have learned to discount Iranian statements after months of on-again, off-again talks. The real test is not another round of diplomacy but whether the US meets Tehran's conditions: compensation, sanctions removal, and an end to military threats. Until those are met, the Strait stays shut. Indian consumers, shielded by steady fuel prices since May, should watch for actual tanker movements, not just political headlines.
Sources (7): ndtvprofit.com, timesofindia.indiatimes.com, livemint.com, ndtvprofit.com (2), ndtvprofit.com (3), livemint.com (2), businesstoday.in
This story was synthesised by AI from the 7 sources linked above.
Updated: this story now draws on 7 sources.
