Oil prices rise moderately amid uncertainty over Strait of Hormuz

Oil prices rose moderately on Monday amid continued uncertainty over prospects for the resumption of unrestricted tanker traffic through the Strait of Hormuz, Report informs.

Trading data showed that October Brent crude futures on London's ICE Futures exchange rose 0.59% from the previous session's close to $84.04 per barrel.

September WTI crude futures on the New York Mercantile Exchange (NYMEX) electronic trading platform increased by 0.45% to $78.53 per barrel.

The oil market fell significantly last week on hopes that Iran and Oman would reach an agreement. However, on Saturday, Iranian Foreign Minister Abbas Araghchi said that lifting the blockade of the Strait of Hormuz was not related to those negotiations, but rather to US actions.

In particular, Tehran is demanding compensation from Washington for numerous strikes carried out against Iranian territory.