Global oil prices rose by 1% as markets reacted to ongoing tensions and uncertainty surrounding the proposed 60-day reopening of the Strait of Hormuz.
Brent Crude is currently trading at $83 per barrel, driven by fears that Iran's potential ban on US and Israeli ships could disrupt critical shipping lanes.
While Iran and Oman have reportedly neared a deal to finalize shipping coordinates, conflicting reports on the status of the agreement continue to fuel market volatility.