Crude oil prices surged on Monday as uncertainty persisted over the reopening of the Strait of Hormuz, with Brent rising more than 3% to trade above $85 a barrel and US West Texas Intermediate climbing past $80. The rally lifted major energy stocks, with ExxonMobil, Chevron, and BP all posting gains in midday trading.
Iran published a list of conditions for reopening the strait, including the lifting of US sanctions, the release of frozen assets, and war compensation. Iranian Foreign Minister Abbas Araghchi declined to negotiate directly with Washington unless those demands are accepted. US President Donald Trump said he would seek compensation from Iran in any future peace talks.
The supply disruption is rippling through consumer economies. An Ifo Institute study found that Middle East-related price increases are hitting Germany's lowest-income households hardest, costing them nearly 3% of disposable income. Separately, Iran announced a shipping routes agreement with Oman was near completion, while Houthi attacks on Yemen's Mokka port killed seven people.