Oil Prices Rise as Hormuz Talks With Oman Continue and Houthi Attacks Hit Saudi Refinery

TLDR

• Brent crude rose 0.5% to $83.98 and WTI gained 0.3% to $78.44 on Monday
• Iran says a Hormuz shipping deal with Oman is “very close” but warns it won’t reopen immediately
• Houthi militants claimed an attack on Saudi Arabia’s Jazan refinery near the Red Sea
• An Abu Dhabi National Oil Co. tanker was targeted in the Strait of Hormuz over the weekend
• Ukraine agreed not to target non-Russian tankers, easing some supply risks in the Black Sea

Oil prices rose on Monday but pulled back from session highs as traders weighed progress in Hormuz negotiations against continued attacks on energy infrastructure across the Middle East.

Brent crude futures climbed 0.5% to $83.98 a barrel. West Texas Intermediate added 0.3% to reach $78.44. Both benchmarks had gained more than 5% over the prior three sessions.

Hormuz Deal Close But Not Imminent

Iran’s Foreign Minister Abbas Araghchi said over the weekend that an agreement with Oman to create a shipping route through the Strait of Hormuz was “very close.” The strait is one of the world’s most important oil chokepoints.

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