Oil prices climbed in futures markets as uncertainty persisted over US-Iran negotiations regarding the Strait of Hormuz. Brent crude rose 0.81% to $80.09 per barrel, while US WTI crude increased 0.76% to $75.80 per barrel.
Murban crude and the OPEC basket also recorded gains of 1.41% and 1.16% respectively, while US natural gas prices fell 0.56%. The Strait of Hormuz, the world's most critical oil transit chokepoint, has disrupted energy supply to Europe and Asia.
Market traders believe upward pressure on prices will persist until the waterway fully reopens. Rising fuel costs are directly increasing transportation and production expenses, complicating central banks' efforts to control inflation.
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