New Delhi/Perth: Oil prices rose on Monday as uncertainty persisted over the reopening of the Strait of Hormuz, with Iran saying the United States must meet several conditions before the strategic waterway can resume normal operations, even as Tehran and Oman move closer to an agreement on new shipping lanes.Brent crude futures rose 84 cents, or 1%, to $84.39 a barrel by 0424 GMT, while US West Texas Intermediate (WTI) crude gained 60 cents, or 0.75%, to $78.77 a barrel.Both benchmarks had fallen more than 7% last week on expectations that Iran and Oman were close to reaching a deal that could pave the way for reopening the Strait of Hormuz, which handled around one-fifth of global oil shipments before the conflict."Crude oil prices remain caught between opposing forces, as markets assess the possibility of a breakthrough over the Strait of Hormuz against Iran's conditions for reopening the strategic waterway," said Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet.Iranian Foreign Minister Abbas Araqchi said on Sunday that Tehran was not engaged in direct talks with Washington and would not begin negotiations as long as the United States continued to breach an interim agreement signed in June."Any major progress towards restoring unrestricted shipping could exert downward pressure on oil prices, while a breakdown in negotiations or renewed supply disruptions could quickly revive the geopolitical risk premium," Sachdeva said.
