Hormuz uncertainty pushes global oil prices higher

Brent crude climbed by more than 1% in Asian trading, moving above $84 a barrel, while US crude prices

KARACHI: Global oil prices edged higher on Monday as uncertainty over the reopening of the Strait of Hormuz continued to unsettle energy markets.

Brent crude climbed by more than 1% in Asian trading, moving above $84 a barrel, while US crude prices also posted gains of over 1%.

The market remains focused on the situation surrounding the Strait of Hormuz, a critical maritime route through which a significant share of the world’s oil supplies passes. Any prolonged disruption or uncertainty over shipping through the waterway could put further pressure on global energy prices.

Iran has indicated that discussions with Oman on establishing alternative shipping routes are nearing completion. However, Tehran says the United States still needs to fulfil additional conditions before arrangements concerning the waterway can move forward.

With the situation still unresolved, traders are closely watching developments around the Strait, with concerns over supply disruptions continuing to influence crude prices.