Kathmandu. Crude oil prices have soared in international markets amid tensions between Iran and the United States and uncertainty over the reopening of the Strait of Hormuz.
Brent crude futures rose 91 cents, or 1.09 percent, to $84.46 a barrel by 6:41 a.m. local time on Monday.
West Texas Intermediate (WTI) crude oil futures rose 61 cents, or 0.78%, to $78.79 a barrel.
Last week, the price of both major oils fell more than 7 percent. Oil prices fell on hopes that Iran and Oman would reach an agreement soon and then reopen the Strait of Hormuz.
Before the war, the Strait of Hormuz accounted for about one-fifth of the world’s oil supply. Therefore, there is a concern that the closure of this channel could affect global oil supply.
Tehran says the deal with Oman is in the final stages. But Iran says the US still needs to meet certain conditions for the deal to go ahead. This has created more uncertainty in the oil market.
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