Oil rises amid uncertainty over Hormuz reopening

Oil drilling rigs

Oil prices rose today, Aug. 10, amid uncertainty about the reopening of the Strait of Hormuz, despite Iran announcing that an agreement with Oman to determine new maritime shipping routes had reached its final stages.

Both benchmark grades had slumped more than 7% last week, amid optimism about an imminent agreement between Iran and Oman to reopen the Strait, Reuters reported.

Although Tehran announced that the agreement reached with Oman is in its "final stages," it reiterated that the reopening of the waterway will only take place after Washington fulfils other conditions, including the United States compensating Iran for the attacks it suffered.

Iranian Foreign Minister Abbas Araghchi clarified that his country and the US are not currently engaged in any talks, stressing that Tehran will not begin any negotiations as long as Washington violates the interim agreement concluded between the two parties in June.